A bill to amend the Internal Revenue Code of 1954 to allow a credit against the individual income tax for tuition paid for the elementary or secondary education of dependents.

Summary

Allows a tax credit under the Internal Revenue Code to an individual for tuition paid by him to any private nonprofit elementary or secondary school during the taxable year for the elementary or secondary education of any dependent. Provides that the amount allowable for the taxable year with respect to any dependent shall not exceed the lesser of: (1) 50 percent of the tuition paid by the taxpayer during the taxable year for the elementary or secondary education of such dependent, or (2) $400. Reduces the aggregate amount which would be allowable by an amount equal to $1 for each full $20 contained in the amount by which the adjusted gross income of the taxpayer (or, if the taxpayer is married, the adjusted gross income of the taxpayer and his spouse) for the taxable year exceeds $25,000.

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Timeline

1. 18 January 1973

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 18 January 1973

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 January 1973

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 18 January 1973

  Open at official source

Sponsors

• Rep. Price, Melvin [D-IL-23] · D · Sponsor
• · hswm00 · Standing

Related records

• related to → To amend the Internal Revenue Code of 1954 to allow a credit against the individual income tax for tuition paid for the elementary or secondary education of dependents.