To amend the Internal Revenue Code of 1954 to allow an income tax credit for tuition expenses of the tax payer of 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

Allows an income tax credit of up to $300, under the Internal Revenue Code of 1954, for tuition expenses of the taxpayer or his spouse or a dependent at an institution of higher education. Defines the term institution of higher education for purposes of this Act. Allows an income tax credit for charitable contributions to institutions of higher education. Limits such tax credit for individuals to 20 percent of tax liability or $500, whichever is less, and for corporations to 5 percent of tax liability or $5,000, whichever is less. Provides that such tax credits shall not result in a refund to the taxpayer. (Adds 26 U.S.C. 39-40)

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1 official file

• Introduced in House

  summary · EN · 3 January 1973

  Open at official source

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