A bill to amend the Internal Revenue Code of 1954 to allow a refundable credit against the individual income tax for tuition paid for the elementary or secondary education of dependents.

Allows a refundable tax credit under the Internal Revenue Code against the individual income tax for tuition paid for the elementary or secondary education of dependents at a private, nonprofit school. States that such tax credit shall be limited to 50 percent of tuition paid of $400, whichever is less.