A bill to amend the Internal Revenue Code of 1954 to exempt from income taxation certain organizations operated for mutual purposes and without profit for the purpose of providing reserve funds for, and insurance of shares or deposits in certain credit unions and domestic building and loan associations.

Amends the Internal Revenue Code to exempt from taxation corporations or associations without capital stock organized before January 1, 1969, and operated for mutual purposes and without profit for the purpose of providing reserve funds for, and insurance of shares or deposits in either or both credit unions or domestic building and loan associations.