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 a credit against the individual income tax for tuition paid for any private non-profit elementary or secondary education of any dependents to whom the taxpayer is allowed an exemption for the taxable year.

Provides the amount allowable as a tax credit under this Act shall not exceed $200 for any one dependent and that the aggregate amount allowable shall be reduced by an amount equal to $1 for each $120 of adjusted gross income of the taxpayer if his income exceeds $18,000 for the taxable year.