A bill to amend the Internal Revenue Code of 1954 to double the amount of interest and dividend income exempt from tax, to allow taxpayers to elect to receive a refundable credit in lieu of the partial exclusion of interest and dividend income, and to provide for a special partial exclusion of interest and dividend income in the case of elderly taxpayers with low and moderate incomes.
Small Savers and Small Investors Income Tax Amendments of 1981 - Amends the Internal Revenue Code to increase the aggregate income tax exclusion for interest and dividend income from $200 to $1,000 ($2,000 for joint returns). Increases the amount of such exclusion for elderly taxpayers (age 65 or older) to $3000. Makes such tax exclusion permanent.
Permits taxpayers to elect a refundable income tax credit for $600 in lieu of the tax exclusion for interest and dividend income.
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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