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.

Allows an individual a tax credit under the Internal Revenue Code for the amount of tuition paid by him to any qualified 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 for the taxable year.

Provides that such amount for the taxable year with respect to any dependent shall not exceed 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.