A bill to amend the Internal Revenue Code of 1954 to permit an exemption of the first $10,000 of retirement income received by a taxpayer under a public retirement system or any other system if the taxpayer is at least 65 years of age.

Amends the Internal Revenue Code to allow pensioners under a public retirement system and other retirees who are age 65 or over a $10,000 exclusion from gross income of any amount received as an annuity, pension, or other retirement benefit.