A bill to amend the Internal Revenue Code of 1954 to increase the credit against tax for retirement income.

Increases the tax credit against the income tax imposed under the Internal Revenue Code on retirement income for individuals 65 years of age or older or any person having public retirement system pension income for the taxable year to 15 percent of the initial amount ($2,500 in the case of a single individual or joint return where only one spouse is eligible, $3,750 in the case of a joint return where both spouses are eligible, and $1,875 in the case of a married individual filing separately) reduced by any pension or annuity otherwise excluded from gross income.