A bill to amend the Internal Revenue Code of 1954 to exempt from taxation the pay received by members of the National Guard or of Reserve components of the Armed Forces to the extent that such pay does not exceed $5,000.

Amends the Internal Revenue Code to exclude from gross income the first $5,000 received by an individual for service during less-than-30 day periods as a member of the National Guard or a reserve component of the Armed Forces.