To amend the Internal Revenue Code of 1986 to provide a deduction for tuition paid by parents for the college education of their children or paid by certain independent taxpayers for their own college education.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow an individual a deduction for 30 percent of the amount of tuition expenses paid to one or more eligible educational institutions for the education of any of the taxpayer's dependent children or the independent taxpayer. Reduces such deduction by five percent for each $1,000 by which the adjusted gross income of the taxpayer exceeds the applicable limit.…