A bill to amend the Internal Revenue Code of 1954 to provide a credit against the individual income tax for certain expenses of higher education.

[AI summary unavailable — showing source text] Provides an income tax credit under the Internal Revenue Code for amounts paid as expenses of higher education. Limits such credit to 75 percent of expenses not exceeding $200, and 25 percent of expenses $200, but not $500, and 10 percent of expenses exceeding $500 but not $1,500. Provides for proration of credit where more than one taxpayer pays expenses and for an adjustment for certain scholarships and veterans' benefits. (Amends 26 U.S.C. 39)…