A bill to amend the Internal Revenue Code of 1954 to make additional interest from savings eligible for exclusion.

Amends provisions of the Crude Oil Windfall Profit Tax Act of 1980 to: (1) increase from $200 ($400 in the case of a joint return) to $500 ($1000 in the case of a joint return) the maximum aggregate of dividends and interest that may be excluded from an individual's gross income; and (2) allow an additional exclusion of up to 25 percent of the interest and dividends received above $500 ($1000). Phases-in such additional percentage at five percent increments from 1981 through 1985.