A bill to amend the Internal Revenue Code of 1954 to exclude from gross income $500 of interest on savings in the case of an individual taxpayer.
Small Savers' Act - Excludes from gross income, under the Internal Revenue Code, amounts received as dividends or interest on deposits or withdrawable accounts in a domestic savings and loan association, bank, credit union, or similar thrift institution.
Limits the exclusion allowed under this Act to $500 for any person for any taxable year.
Referred to House Committee on Ways and Means.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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