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

Amends the Internal Revenue Code to allow individual taxpayers a limited income tax credit for their college or vocational education expenses. Reduces the amount of such credit by one percent of the amount by which the adjusted gross income of the taxpayer for the taxable year exceeds $22,500.

Permits a credit for tuition and fees for education above the twelfth grade level, and for books, supplies, and equipment required for coursework. Excludes expenses for meals, lodging, and similar living expenses.