A bill to amend the Internal Revenue Code of 1954 to allow each individual to exclude $1,000 of interest on savings deposits.
Savings and Thrift Act of 1981 - Amends the Internal Revenue Code to exclude from gross income the interest earned on savings accounts in banks, savings and loan associations, or credit unions. Limits such exclusion to an amount which, in combination with other interest and dividend exclusions, does not exceed $1,000 ($2,000 for joint returns).
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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