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 the amount paid by him for tuition during the taxable year to any private nonprofit elementary or secondary school for the education as a full-time student of any dependent with respect to whom the taxpayer is allowed an exemption. 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 to a private nonprofit elementary or secondary school for the elementary or secondary education as a full-time student of such dependent during a school year which begins or ends in such taxable year, or (2) $200. Provides that the amount of the tuition with respect to any student which may be taken into account for any school year shall not exceed $100. Reduces the aggregate amount allowable by an amount equal to $1 for each full $20 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 $18,000.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 11 January 1973

  Open at official source

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