A bill to amend the Internal Revenue Code of 1954 to allow each individual to exclude $1,000 of interest on savings and to deny the deduction for interest paid or incurred with respect to credit extended through the use of credit cards.
Savings Incentive Act of 1981 - Amends the Internal Revenue Code to exclude from gross income up to $1,000 ($2,000 for joint returns) of the interest earned on savings accounts on deposit with a bank, a mutual savings bank, or a credit union.
Disallows income tax deductions for interest paid on credit card debt.
Became Public Law No: 97-34.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
See H.R.4242.
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