A bill to amend the internal revenue code of 1954 to allow a credit against income tax to individuals for certain expenses incurred in providing higher education.

Allows a tax credit under the Internal Revenue Code to individuals for expenses incurred in providing higher education for the taxpayer or any other individual. Limits the amount of the tax credit per individual to: (1) 75 percent of so much of such expenses as does not exceed $200, (2) 25 percent of so much of such expenses as exceeds $200 but does not exceed $500, and (3) 10 percent of so much of such expenses as exceeds $500 but does not exceed $1,500.

Reduces the amount of expenses by the amount of any scholarships or Veterans' benefits received.

Reduces the amount of the credit by one percent of the amount by which the adjusted gross income of the taxpayer exceeds $25,000.