H.R. 361 — A bill to amend the Internal Revenue Code of 1954 to allow a credit against the individual income tax for tuition paid for the elementary or secondary education of dependents.

Summary

Allows a tax credit under the Internal Revenue Code for tuition paid for the elementary or secondary education of dependents.

States that such tax credit shall be limited to 50 percent of tuition paid or $400, whichever is less.