A bill to amend the Internal Revenue Code of 1954 to allow individuals an income tax credit for certain expenses of elementary or secondary education.

[AI summary unavailable — showing source text] Allows an income tax credit under the Internal Revenue Code for expenses (including tuition, fees, books, and supplies) paid by a taxpayer to any private nonprofit elementary or secondary school for the education of any dependent for whom the taxpayer is allowed an income tax exemption. Limits such credit for a taxpayer to the lesser of 100 percent of expenses or $200. Reduces expenses of higher education of any individual paid during the taxable year by an amout equal to 1 percent of the amount by which the adjusted gross income of the taxpayer exceed $19,000. Provides that any payment which is taken into account in determing the tax credit shall not result in a tax refund.…