A bill to amend the Internal Revenue Code of 1954 to phase-in over a 3-year period a $300 increase in the amount of interest and dividends each individual may exclude from gross income, and to make such exclusion permanent.

Amends the Internal Revenue Code to increase to $500 ($1,000 in the case of a joint return), by specified annual increments through 1984, the amount of interest and dividend income which may be excluded from gross income. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion.