A bill to amend the Internal Revenue Code of 1954 to increase the amount of dividends which may be excluded from gross income to $1,000 in the case of certain individuals who have attained age 62 or $500 in the case of other taxpayers.

Increases the amount of dividends which may be excluded from gross income under the Internal Revenue Code to $1,000 in the case of individuals who have attained age sixty-two and received retirement income during the taxable year, or $500 in the case of other taxpayers.