A bill to amend the Internal Revenue Code of 1954, to provide a 30-percent credit against the individual income tax for amounts paid as tuition or fees to certain public and private institutions of higher education.

Provides a 30-percent tax credit against the individual income tax, under the Internal Revenue Code, for amounts paid as tuition or fees to specified public and private institutions of higher education. Provides adjustments for scholarships and educational allowances. (Adds 26 U.S.C. 39)