A bill to amend the Internal Revenue Code of 1954 to revise the retirement income credit and to increase the amount of such credit.

Provides a 15 percent retirement income credit to individuals 65 years of age or receiving income from a public retirement system (whether filing jointly, separately, or as an unmarried individual). Specifies, for each filing status, maximum amounts which may be taken into account for purposes of computation of the credit authorized by this Act.

Reduces the maximum amounts declarable by the amounts of pensions received that are excluded from gross income, except for amounts received from specified sources.

Defines the terms used in this Act.