A bill to amend the Internal Revenue Code of 1954 to allow a refundable 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, a tax credit under the Internal Revenue Code for the taxable year, equal to the amount of tuition paid by him to any private nonprofit elementary or secondary school during the taxable year for the elementary or secondary education of any dependent with respect to whom the taxpayer is allowed an exemption. Provides that such amount shall not exceed, with respect to any dependent, the lesser of: (1) 50 percent of the tuition paid by the taxpayer during the taxable year for the elementary or secondary education of such dependent; or (2) $400.