To amend the Internal Revenue Code of 1954 to allow a deduction, for income tax purposes, based on expenses incurred by the tax payer for the higher education of his children.

Allows a tax deduction, under the Internal Revenue Code of 1954, of one-half of the expenses incurred by the taxpayer for the higher education of his children. Specifies the educational expenses that are deductible and the educational institutions which qualify for a deduction under this Act. (Amends 26 U.S.C. 218)