A bill to amend the Internal Revenue Code of 1954 to allow individuals to elect either a tax credit for a certain portion of the interest received on deposits in certain savings institutions or an exclusion of a certain portion of such interest.

Revises the Internal Revenue Code to allow an individual to elect to take either a credit against the income tax up to a maximum of $250 for a joint return, or to exclude from gross income a maximum of $1,000 for a joint return of the interest received on deposits or withdrawable accounts in qualified savings institutions.