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 under the Internal Revenue Code to individuals for expenses of higher education. States that the amount of such credit shall be: (1) 100 percent of higher education expenses up to $200; (2) 20 percent of the amount of such expenses that exceeds $200 but does not exceed $500; (3) 6 1/2 percent of the amount of such expenses exceeding $500 up to $1,500. Defines the terms "expenses of higher education" and "institutions of higher education" for the purposes of this Act.…