An Act relative to increasing interest rate deductions

This bill changes the tax deduction for interest earned on savings accounts. It sets a $500 deduction for single filers, heads of household, or married people filing separately. For married couples filing jointly, it establishes a $1,000 deduction. These amounts apply to interest from savings deposits included in taxable income under current tax law. The change directly affects individual income tax filers who earn interest on savings accounts.