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 a taxpayer an income tax credit for tuition paid to an institution of higher education for the education of the taxpayer, his spouse, or dependents. Limits such credit to $300 per student for each taxable year. Allows an income tax credit for charitable contributions to institutions of higher education. Limits such credit to 20 percent of the taxpayer's total tax liability or $500, whichever is less (five percent or $5,000 in the case of corporations, whichever is less). Stipulates that amounts taken into account in computing the credit may not also be taken as a charitable deduction.…