A bill to amend the Internal Revenue Code of 1954 to allow individuals a credit against income tax for expenses paid by a taxpayer in connection with his education or the education of his spouse or any of his dependents at an institution of higher learning.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow the taxpayer a tax credit for those expenses paid for higher education for himself, his spouse and dependents, which do not exceed the lesser of: (1) one-half of the aggregate of such expenses incurred during the taxable year; (2) $1,500; or (3) the difference between his total income tax liability and other tax credits. Limits such credits for married individuals filing separate returns to $750. Restricts this credit to expenses for educating full-time students enrolled in programs leading to a bachelor's, or higher degree, or providing credit applicable to such a degree.…