A bill to amend the Internal Revenue Code of 1954 to allow a credit against the individual income tax for tuition paid for the elementary or secondary education of dependents.

Provides, under the Internal Revenue Code, that there shall be allowed to an individual as a credit against income tax an amount paid by him to any private nonprofit elementary or secondary school during the taxable year for the elementary and secondary education of any dependent with respect to whom the taxpayer is allowed an exemption for the taxable year.

Provides that such amount shall not exceed the lesser of 50 percent of the tuition paid by the taxpayer during the taxable year for the elementary and secondary education of such dependent, or $500. (Amends 26 U.S.C. 42)