A bill to provide a credit against income tax for the amount of tuition expenses incurred by an individual for the primary and secondary education of his dependents.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow a refundable income tax credit for 50 percent of the tuition expenses paid or incurred by the taxpayer during the taxable year for elementary or secondary education for the taxpayer's dependent. Provides for a phased-in increase of the tuition tax credit over three years. Phases out the tuition tax credit for taxpayers with an adjusted gross income between $50,000 and $75,000. Provides that the tuition tax credit is not to be treated as Federal assistance with respect to the taxpayer who was allowed the credit and any educational institution which received any payment taken into account in determining the amount of such credit.…