A bill to amend the Internal Revenue Code of 1954 to increase the amount of dividends and interest which are excluded from gross income, and to make such exclusion permanent.

Amends the Internal Revenue Code to increase to $1,000 ($2,000 in the case of a joint return) the amount of interest and dividend income which may be excluded from gross income. Increases such exclusion to $5,000 ($10,000 in the case of a joint return) for individuals who are 65.

Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion.