A bill to amend the Internal Revenue Code of 1954 to allow an income tax credit for tuition expenses of the tax payer or his spouse or his dependent at an institution of higher education, and an additional credit for gifts or contributions made to any institution.

Allows an income tax of up to $300 under the Internal Revenue Code for tuition expenses of the taxpayer, his spouse, or a dependent at a qualified institution of higher education.

Provides an additional credit for charitable contributions of up to 20 percent of the donor's income tax or $500, whichever is less, made to any institution of higher education. States that, with respect to corporations, the limitations of such credit shall be 5 percent of its income tax or $5,000, whichever is less.