A bill to amend the Internal Revenue Code of 1954 to provide for a $250 exclusion from gross income of interest and dividends received by an individual.

Amends the Internal Revenue Code to require the exclusion from the gross income of an individual up to $250 ($500 in the case of a joint return) of the aggregate amount of dividends received from domestic corporations and interest or dividends on savings deposits or withdrawable savings accounts from a bank, a mutual savings bank, a savings and loan institution, or a credit union.