A bill to amend the Internal Revenue Code of 1954 to authorize a tax credit for certain expenses of providing higher education.

Allows an individual a tax credit under the Internal Revenue Code for the expenses of higher education paid by him during the taxable year to one or more institutions of higher education in providing an education above the twelfth grade for himself or for any other individual.

Provides that such credit shall be limited to an amount equal to the sum of: 75 percent of so much of such expenses as does not exceed $200, 50 percent of so much of such expenses as exceeds $200 but does not exceed $500, and 25 percent of so much of such expenses as exceeds $500 but does not exceed $1,500.

Reduces the amount declared as educational expenses by the amount of any scholarships and/or veterans' benefits.