Tuition Tax Credit Act of 1981

Tuition Tax Credit Act of 1981 - Amends the Internal Revenue Code to allow a taxpayer an income tax credit for 25 percent of the tuition paid for the elementary, secondary, college, or post-secondary vocational education of the taxpayer or the taxpayer's spouse or dependents. Sets forth maximum dollar amounts allowable as a credit for calendar years 1981 through 1983, after which the credit expires.

Requires the individual for whom the tuition tax credit is allowed by this Act to be a full-time student during any four months of the calendar year or a part-time student during any eight months of the calendar year. Excludes graduate students from eligibility for such credit.

Excludes from the definition of "tuition" any amounts paid for books, supplies, equipment for coursework, meals, lodging, transportation, similar personal expenses, and education below the first-grade level.

Forbids any construction of this Act as granting the Government additional authority to examine the books or activities of any church school except to the extent necessary to determine whether such school is an eligible educational institution 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 such decision by a circuit court. Requires the expedited consideration of such a case at both judicial levels.

Requires that any amount received by the taxpayer as a tuition tax credit be disregarded for purposes of determining the eligibility of the taxpayer for Federal, State, or local educational assistance.