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 and secondary education of dependents.

Provides, under the Internal Revenue Code, a tax credit for tuition paid by an individual 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 the taxpayer is allowed an exemption for the taxable year.

Provides that such credit shall not exceed the lesser of fifty percent of the tuition paid by the taxpayer during the taxable year for the elementary or secondary education of such dependent, or $500.

Defines "private nonprofit elementary or secondary school" as an educational institution: (1) which is exempt from tax under the Code; (2) which regularly offers education at the elementary or secondary level; and (3) which satisfies the requirements of the compulsory education laws of the State.