A bill to amend the Internal Revenue Code of 1954 to exclude from gross income the first $300 of interest received by individuals on certain savings deposits, and to exclude from gross income interest received by certain banking institutions from certain residential mortgages.

Excludes from gross income under the Internal Revenue Code the interest received by an individual during the taxable year from specified savings institutions. Limits such exclusion to $300 or $600 for a joint return.

Excludes from gross income the interest received by specified savings institutions during the taxable year from qualified mortgages.