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 a credit against income tax to an individual for expenses incurred in providing higher education for himself or any other individual. Provides that such credit be an amount equal to the sum of (1) 100 percent of so much of such expenses as does not exceed $200; (2) 25 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. Provides for proration of credit where more than one taxpayer pays expenses.…