College Tuition Tax Credit Act

College Tuition Tax Credit Act - Amends the Internal Revenue Code to allow individuals an income tax credit for a portion of the higher education tuition (including vocational school tuition) paid for dependents for whom they are entitled to personal exemptions. Limits the credit to 50 percent of the tuition payment which exceeds 5 percent of the taxpayer's adjusted gross income, and to $500 per dependent.