To amend the Internal Revenue Code of 1986 to allow a refundable credit for education expenses.
Children's Education Tax Credit Act - Amends the Internal Revenue Code to establish an annual tax credit (up to $450 for each qualifying student) for qualified educational expenses (tuition, attendance fees, books, supplies, equipment) paid by a taxpayer for the taxpayer, a spouse, or a dependent.
Provides for: (1) credit proration in cases of shared expenses; (2) inclusion of certain home schooling expenses; and (3) adjustments for certain scholarships and veterans' benefits.
Defines "eligible educational institution" as an institution of higher education, or a vocational, secondary, or elementary school.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E940-941)
Referred to the House Committee on Ways and Means.
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