A bill to amend the Internal Revenue Code of 1954 to allow a credit against income tax to individuals for certain expenses incurred in higher education.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow taxpayers an income tax credit for their higher education and vocational school expenses. Allows a credit for 100 percent of such expenses which do not exceed $200, 25 percent of expenses between $200 and $500, and five percent of expenses between $500 and $1,500. Reduces the amount of such credit by one percent of the amount by which the taxpayer's adjusted gross income exceeds $22,500. Defines "higher education expenses" as tuition, fees, books, supplies, and equipment required for coursework above the twelfth grade level. Excludes expenses for meals, lodging, or similar personal expenses.…