A bill to amend the Internal Revenue Code of 1954 to exclude from the gross income of individuals over age 65 amounts received on the redemption of certain United States savings bonds which have been held for at least 10 years.

Amends the Internal Revenue Code to exclude from the gross income of individuals over age 65 amounts received on the redemption of any series E or series EE U.S. savings bonds which are held by such individuals for at least ten years.