A bill to amend the Internal Revenue Code of 1954 to allow a deduction for certain expenses paid or incurred by a taxpayer in providing an education for himself or his spouse at an institution of higher education.

Amends the Internal Revenue Code to allow an income tax deduction for the amounts paid or incurred to meet the higher education expenses of the taxpayer or the taxpayer's spouse. Limits the deduction for books, meals and lodging to $500 per student. Provides a three year carryback, and a five year carryover of the allowable deduction to the extent that it exceeds the taxpayer's gross income minus other itemized deductions.