A bill to amend the Internal Revenue Code of 1954 to allow a taxpayer a credit for certain expenses paid by him in connection with his education or training, or the education or training of his spouse or any of his dependents, at an institution of higher education or a vocational school.

Amends the Internal Revenue Code to allow taxpayers to credit against the income tax specified higher education expenses, including tuition, fees, books and supplies, incurred by the taxpayer for himself or any dependent.

Limits the credit to those expenses incurred for each individual which do not exceed $100 during taxable year 1978, $200 during 1979, and $300 during 1980.

Limits the credit to expenses incurred by full-time students at institutions of vocational and higher education, minus scholarships and veterans benefits.

Limits the total credit allowed the taxpayer to his income tax liability minus the sum of all other credits applied thereto.

Disallows any deduction of educational expenses used to determine the amount of the credit allowed by this Act.