A bill to amend the Internal Revenue Code of 1954 to provide a credit against the individual income tax for certain expenses of higher education.

Summary

Provides an income tax credit under the Internal Revenue Code for amounts paid as expenses of higher education. Limits such credit to 75 percent of expenses not exceeding $200, and 25 percent of expenses $200, but not $500, and 10 percent of expenses exceeding $500 but not $1,500. Provides for proration of credit where more than one taxpayer pays expenses and for an adjustment for certain scholarships and veterans' benefits. (Amends 26 U.S.C. 39)

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Documents

1 official file

• Introduced in House

  summary · EN · 6 January 1973

  Open at official source

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