A bill to amend the Internal Revenue Code of 1954 to allow individuals a credit against income tax for expenses paid by a taxpayer in connection with his education or the education of his spouse or any of his dependents at an institution of higher learning.

Amends the Internal Revenue Code to allow the taxpayer a tax credit for those expenses paid for higher education for himself, his spouse and dependents, which do not exceed the lesser of: (1) one-half of the aggregate of such expenses incurred during the taxable year; (2) $1,500; or (3) the difference between his total income tax liability and other tax credits. Limits such credits for married individuals filing separate returns to $750.

Restricts this credit to expenses for educating full-time students enrolled in programs leading to a bachelor's, or higher degree, or providing credit applicable to such a degree.