A bill to provide an income tax credit for certain expenses incurred in furnishing or obtaining a higher education (including postsecondary trade and vocational schools).

Summary

Allows an individual a tax credit, under the Internal Revenue Code for the taxable year, of a specified portion of the expenses of higher education paid by him during the taxable year to one or more institutions of higher education above the twelfth grade for himself or for any other individual. Provides that such credit shall be the sum of: (1) 100 percent of so much of such expenses as does not exceed $200; and (2) 50 percent of so much of such expenses as exceeds $200 but does not exceed $500. Reduces the credit available under this Act by two percent of the amount by which the adjusted gross income of the taxpayer for the taxable year exceeds $18,000.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 18 January 1973

  Open at official source

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