A bill to amend the Internal Revenue Code of 1954 to exclude from gross income interest earned on certain certificates of deposit in financial institutions.

Amends the Internal Revenue Code to exclude from gross income interest earned on certificates of deposit issued by banks, certain savings institutions, or credit unions. Requires such certificates to be issued between June 30, 1981 and July 31, 1982, to have a one year maturity, and to bear interest at a rate not greater than 70 percent of the average yield of U.S. Treasury bills. Limits the amount of such exclusion to $1,000 ($2,000 for joint returns).