A bill to amend the Internal Revenue Code of 1954 to allow an income tax credit for tuition expenses of the taxpayer or his spouse or a dependent at an institution of higher education, and an additional credit for gifts or contributions made to any institution of higher education.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow as a credit sums paid for tuition to an institution of higher education by a taxpayer for himself, his spouse or a dependent. Limits such credit to $600 per student for each taxable year. Allows individuals a credit for charitable contributions to institution of higher education. Limits such credit to 20 percent of the taxpayer's total tax liability or $500, whichever is less. Stipulates that no amounts taken into account in calculating such credit shall be allowed as a charitable deduction.…