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] Amends the Internal Revenue Code to allow a taxpayer an income tax credit for expenses paid by such taxpayer for the elementary and secondary education of any of his dependents at a private nonprofit school. Limits such credit to a maximum $300 per dependent for any taxable year. Reduces the allowable credit by one percent of the amount by which the taxpayer's adjusted gross income exceeds $22,500. Allows a credit for tuition, fees, books, supplies, and equipment required for courses. Disallows expenses for meals, lodging, or similar personal expenses.…