A bill to amend the Internal Revenue Code of 1954 to exclude from the gross income of individuals who have attained the age of 62 $3,000 of interest received during any taxable year.

Amends the Internal Revenue Code to allow an individual who has attained the age of 62 before the close of the taxable year to exclude up to $3,000 of interest which would otherwise be includible in gross income.

Reduces the amount of interest which may be excluded by one-half of the excess of the taxpayer's adjusted gross income over $5,500.