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 an income tax credit for the expenses paid for the higher education of the taxpayer or a dependent. Limits the credit taken for the education of any one individual to either $1,500 or one half of the individual's expenses, whichever is less. Restricts application of the credit to expenses incurred by full-time students at institutions providing credit towards a bachelor's or higher degree.