S 2053
97th Congress
Senate
Taxation
Certificates of deposit
Finance and Financial Sector
Income tax
Interest
Tax exclusion
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.
Introduced: February 2, 1982
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 5, 1982
Committee on Finance requested executive comment from OMB; Treasury Department.
Feb 2, 1982
Read twice and referred to the Committee on Finance.
Feb 2, 1982
Introduced in Senate
Plain-English 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.
What's happening now
Committee on Finance requested executive comment from OMB; Treasury Department.
Committees of jurisdiction
1
Cosponsors
1