A bill to amend the Internal Revenue Code of 1954 to exclude each year $10,000 of pensions and annuities from the gross income of individuals who have attained age 65.

Amends the Internal Revenue Code to exclude each year a maximum of $10,000 of pensions and annuities from the gross income of individuals who have attained aged 65.

Provides that such exclusion shall be applied separately with respect to a husband and wife.