A bill to provide that interest earned on certain passbook savings accounts shall be excluded from gross income of the taxpayer as an incentive to taxpayers to increase savings in local banks and savings institutions.
Passbook Savings Incentive Act of 1984 - Amends the Internal Revenue Code to exclude from gross income up to $5,000 ($10,000 for joint returns) of the interest earned on a passbook savings account.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB, Treasury Department.
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