A bill to amend the Internal Revenue Code of 1954 to exclude $500 of interest on savings from the gross income of each individual who has attained age 65.

Amends the Internal Revenue Code to allow individual taxpayers who have attained age 65 an income tax exclusion for up to $500 ($1,000 for joint returns) of the interest income received by the taxpayer during the taxable year on deposits or accounts in a bank, mutual savings bank, or credit union.