A bill to amend the Internal Revenue Code of 1954 to exclude from gross income the interest on deposits in certain savings institutions.

Amends the Internal Revenue Code to exclude from gross income up to $1,000 ($2,000 for joint returns) of the interest earned on savings accounts in banks, savings and loan associations, or credit unions. Provides for a phase-in for such exclusion for taxable years beginning before 1984. Disallows such exclusion for estates and trusts.