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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1 official file

• Introduced in House

  summary · EN · 3 January 1973

  Open at official source

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