A bill to amend the Internal Revenue Code of 1954 to exclude from gross income the interest on deposits in certain savings institutions.

Excludes from gross income under the Internal Revenue Code the first $500 ($1,000 in the case of a joint return) of interest on deposits in savings and loan institutions or credit unions not operated for profit and for mutual purposes.

States that such exclusion shall be available for taxable years after December 31, 1973.