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 credit, under the Internal Revenue Code of 1954, against the individual income tax for tuition paid for the elementary or secondary education of dependents. Limits such tax credit to 50 percent of education expenses or $400, whichever is less. Provides for a reduction of this tax credit in an amount equal to $1 for every $20 by which the taxpayer's adjusted gross income exceeds $25,000. Defines tuition expenses allowable and educational institutions eligible under this Act. (Amends 26 U.S.C. 42)

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Timeline

1. 5 February 1973

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 5 February 1973

   Introduced

   Introduced in House

   Source: IntroReferral

3. 5 February 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 · 5 February 1973

  Open at official source

Sponsors

• Rep. Hillis, Elwood H. [R-IN-5] · R · Sponsor
• · hswm00 · Standing

Related records

• related to → 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.