S. 2053 — A bill to amend the Internal Revenue Code of 1954 to increase and make permanent the exclusion from gross income of interest on All-Savers Certificates.

Summary

Amends the Internal Revenue Code, as amended by the Economic Recovery Tax Act of 1981, to increase to $2,000 ($4,000 for joint returns) the amount of the exclusion from gross income for interest received from All Savers Certificates. Repeals the termination date for such exclusion.

Revises the formula for determining the amount of the exclusion from gross income for interest received from specified sources which is to take effect in 1985.

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Legislative Actions

1982-02-02
Introduced in Senate
1982-02-02
Read twice and referred to the Committee on Finance.
1982-02-05
Committee on Finance requested executive comment from OMB; Treasury Department.

A bill to amend the Internal Revenue Code of 1954 to increase and make permanent the exclusion from gross income of interest on All-Savers Certificates.

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