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 a tax credit (of up to $1,000) for the qualified educational expenses (tuition, attendance fees, books, supplies, equipment, but excluding meals and lodging) paid by a taxpayer for the education of each individual with respect to whom the taxpayer is allowed a deduction as a dependent. Provides for: (1) the inclusion of certain home schooling expenses; and (2) adjustments for certain scholarships. Defines "eligible educational institution" as a secondary school, an elementary school, or any private, parochial, religious, or home school providing elementary or secondary education.…