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] Revises the Internal Revenue Code to allow as a credit against the income tax the expenses of elementary or secondary education paid by an individual during the taxable year to any private nonprofit elementary or secondary school for a dependent. Limits such credit to the lesser of 100 percent of the expenses or $300. Reduces such credit by an amount equal to 1 percent of the amount by which the adjusted gross income of the taxpayer exceeds $22,500.…