A bill to amend the Internal Revenue Code of 1954 to allow a credit against income tax to individuals for certain expenses incurred in providing higher education.

Amends the Internal Revenue Code to allow as a credit against the income tax specified higher education expenses, including tuition and fees, paid or incurred by an individual during the taxable year for himself and for any other individual.

States that for each individual's expenses, the credit shall be: (1) 100 percent of such expenses as does not exceed $200; (2) 75 percent of such expenses as exceeds $200 but not $500; and (3) 25 percent of such expenses as exceeds $500 but does not exceed $1,500.

Disallows the deduction of any education expenses taken into account in determining the amount of such credit.