A bill to amend the Internal Revenue Code of 1954 to allow an income tax credit for tuition expenses of the taxpayer or his spouse or a dependent at an institution of higher education, and an additional credit for gifts or contributions made to any institution of higher education.

Summary

Amends the Internal Revenue Code to allow as a credit sums paid for tuition to an institution of higher education by a taxpayer for himself, his spouse or a dependent. Limits such credit to $300 per student for each taxable year. Allows individuals a credit for charitable contributions to institution of higher education. Limits such credit to 20 percent of the taxpayer's total tax liability or $500, whichever is less. Stipulates that no amounts taken into account in calculating such credit shall be allowed as a charitable deduction.

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Documents

1 official file

• Introduced in House

  summary · EN · 4 January 1977

  Open at official source

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