Savings Incentive Act of 1981

Savings Incentive Act of 1981 - Amends the Internal Revenue Code to exclude from gross income $1,000 ($2,000 for joint returns) of the interest earned on savings in banks, savings and loans, and credit unions and interest on bonds of domestic corporations, government bonds, and participation shares in certain corporate trusts.

Amends the Crude Oil Windfall Tax Act of 1980 to repeal the termination date for the tax exclusion of interest and dividend income.