A bill to amend the Internal Revenue Code of 1954 to provide a 30-percent credit against the individual income tax for amounts paid as tuition or fees to certain public and private institutions of higher education.

Amends the Internal Revenue Code to allow a nonrefundable income tax credit equal to 30 percent of the tuition and fees paid to an institution of higher education for the education of the taxpayer or any other individual. Provides that scholarships or educational assistance for veterans shall not be taken into account in computing the amount of tuition eligible for the credit.

Defines an "institution of higher education" as an educational institution which maintains a regular faculty and curriculum, which offers education above the twelfth grade level, and which qualifies as a charitable organization for purposes of the charitable contributions income tax deduction.