Savings Incentive Act of 1980 - Amends the Internal Revenue Code to exclude from gross income up to $500 ($1,000 for joint returns) of the interest earned on savings accounts on deposit with a bank, mutual savings bank, or credit union.
Disallows income tax deductions for interest paid on credit card debt.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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