A bill to amend the Internal Revenue Code of 1954 to exempt amounts received from the redemption of All-Savers certificates and contributed to individual retirement accounts from certain limitations on excess contributions, and for other purposes.

Amends the Internal Revenue Code to exempt proceeds received from the redemption of qualified depository institution tax-exempt certificates (all-savers certificates) and contributed to individual retirement accounts from the limitation on excess contributions to such accounts. Disallows any deduction for any such proceeds deposited to such an account.