A bill to amend the Internal Revenue Code of 1954 with respect to the tax treatment of pension payments made to nonresident aliens.

Amends the Internal Revenue Code to exclude from the gross income of a nonresident alien amounts received as an annuity under a qualified annuity plan, or from a tax-exempt pension trust, if such amounts were payable by reason of personal services which were performed by such nonresident alien outside the United States, or within the United States for a foreign employer.