Children's Education Tax Credit Act

[AI summary unavailable — showing source text] Children's Education Tax Credit Act - Amends the Internal Revenue Code to establish an annual tax credit (up to $450 for each qualifying student) for qualified educational expenses (tuition, attendance fees, books, supplies, equipment) paid by a taxpayer for the taxpayer, a spouse, or a dependent. Provides for: (1) credit proration in cases of shared expenses; (2) inclusion of certain home schooling expenses; and (3) adjustments for certain scholarships and veterans' benefits. Defines "eligible educational institution" as an institution of higher education, or a vocational, secondary, or elementary school.…