A bill to amend the Internal Revenue Code of 1954 to exclude from gross income the interest on deposits in certain savings institutions.

Amends the Internal Revenue Code to exclude from gross income, interest income or dividends earned on a savings account in a bank, savings and loan association, or credit union. Limits the amount of such exclusion to $500 for a dependent of a taxpayer, $600 for a head of household, and $1,200 for individuals filing a joint return.