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] Provides that the expenses of higher education paid by an individual for himself or anyone else shall be allowable to him as an income tax credit under the Internal Revenue Code. States that the credit shall be an amount equal to the sum of: (1) 100 percent of so much of such expenses as does not exceed $200, (2) 20 percent of so much of such expenses as exceeds $200 but does not exceed $500, and (3) 6 1/2 percent of so much of such expenses as exceeds $500 but does not exceed $1,500. Defines the term "expenses of higher education" and "institutions of higher education" for the purposes of this Act. Provides for adjustments for scholarships and veterans benefits.…