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

Amends the Internal Revenue Code to increase to $1,000 plus 50 percent of the excess interest and dividends up to $5,000 ($2,000 plus 50 percent of the excess up to $10,000 for joint returns) 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.