A bill to amend the Internal Revenue Code of 1954 to allow individuals an income tax credit for certain expenses of elementary or secondary education.

Allows a credit against the income tax for amounts paid during the year to any nonprofit elementary or secondary school for the education of a dependent. Limits the allowable credit, per dependent, to $300, or 100 percent of the tuition paid for such education during the year, whichever is less, with a progressive decrease of this limitation for individuals who have an adjusted gross income that is greater than $22,500.