A bill to amend the Internal Revenue Code of 1954 to provide that an individual may deduct amounts paid for his higher education, or for the higher education of any of his dependents.

Provides, under the Internal Revenue Code, that in the case of an individual there shall be allowed as a tax deduction amounts paid during the taxable year for the education, at an institution of higher education, of the taxpayer or of any individual with respect to whom the taxpayer is entitled to an exemption. Provides that such deduction with respect to the education of any individual for any taxable year shall not exceed $1,000. (Adds 26 U.S.C. 218)