A bill to amend the Internal Revenue Code of 1954 to allow a credit against income tax to individuals for certain expenses incurred in providing higher education.

[AI summary unavailable — showing source text] Allows an income tax credit under the Internal Revenue Code to an individual in the taxable year for the amount of the expenses of higher education paid by him during the taxable year to one or more institutions of higher education in providing an education above the twelth grade for himself or for any other individual. Provides that such credit shall be the sum of: (1) 100 percent of so much of such expenses as does not exceed $200; (2) 50 percent of so much of such expenses as exceeds $200 but does not exceed $500; and (3) 5 percent of so much of such expenses as exceeds $500 but does not exceed $1,500.…