A bill to amend the Internal Revenue Code of 1954 to exclude from the gross income of individuals who have attained the age of 62 $3,000 of interest received during any taxable year.

Amends the Internal Revenue Code to allow an individual age 62 or over an exclusion from gross income of up to $3,000 ($6,000 for joint returns) of interest income.

Reduces the amount of the exclusion by one-half of the amount by which the individual's adjusted gross income exceeds $5,500 ($11,000 for joint returns).