Education Fiscal Assistance Act

Education Fiscal Assistance Act - Amends the Internal Revenue Code to allow each individual taxpayer a refundable $100 income tax credit for each dependent child who is enrolled in a school, from the elementary level through graduate studies, whether or not any expenses are incurred for the child's education.

Forbids any construction of this Act as granting the government additional authority to examine the books or activities of church schools except to the extent necessary to determine whether they are educational institutions within the meaning of this Act.

Provides for the immediate certification of any judicial action brought in a United States district court concerning the constitutionality of this Act to the appropriate circuit court of appeals. Authorizes direct appeal to the Supreme Court of any decision by a circuit court. Directs the expedited consideration of such a case at both judicial levels.

Provides that if any provision of this tax credit, or its application, is held invalid to any provision of this tax credit, or its application, or is held invalid to any person or circumstances, the ruling shall not affect the remainder of the provisions of the credit, nor the application of such provisions to other persons or circumstances.

Provides that the refund of this tax credit shall not be used in computing any person's eligibility for federally-funded educational assistance benefits.