Educational Opportunity and Equity Act of 1982

Educational Opportunity and Equity Act of 1982 - Amends the Internal Revenue Code to allow an income tax credit in an amount equal to 50 percent of the tuition paid to an elementary or secondary educational institution for any dependents who have not attained the age of 20.

Limits such credit to: (1) $100 in 1983 (2) $300 in 1984; and, (3) $500 in 1985 and thereafter. Reduces such limit by specified percentages of the amount by which the adjusted gross income of the taxpayer exceeds $50,000 ($25,000 in the case of a married individual filing a separate return). Reduces such limits by any amounts paid to the taxpayer or his dependents as scholarships or other financial assistance.

Disallows such credit for tuition paid to schools found to maintain racially discriminatory policies. Requires all educational institutions which receive tuition payments for which such credit is taken to file with the Secretary of Treasury a statement, subject to the penalties for perjury, declaring that the institution does not follow a racially discriminatory policy. Requires a taxpayer claiming such credit to attach a copy of such statement to the income tax return. Authorizes the Attorney General, upon the filing of a petition alleging racial discrimination, to bring an action for declaratory judgment against an educational institution to determine whether the institution has followed a racially discriminatory policy.