A bill to amend the Internal Revenue Code of 1954 to allow a credit against the individual income tax to a taxpayer who pays the tuition and certain related items of a student at an institution of higher education, where the taxpayer and the student agree to repay the credit (with interest) to the United States after the education is is completed.

[AI summary unavailable — showing source text] Allows to an individual, as a tax credit under the Internal Revenue Code, an amount, of the expenses 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 student. Limits such credit to an amount equal to the lesser of 50 percent of such expenses paid during such period, or $1,500. Provides that in no event shall the aggregate credits allowed under this section with respect to the education of any student and outstanding at any time exceed $10,000. Requires that amounts paid by a taxpayer shall be treated as expenses paid for the higher education of a student only if the taxpayer paid at least 25 percent of such expenses during the one-year period in question.…