To provide credit against individual income tax for tuition paid for elementary or secondary education of dependents.

Allows an income tax credit under the Internal Revenue Code to an individual for any tuition paid by him to any private nonprofit elementary or secondary school during the taxable year for the education of any dependent.

Provides that the amount allowable for the taxable year with respect to any dependent shall not exceed the lesser of: (1) 100 percent of the tuition paid by the taxpayer during the taxable year for the elementary or secondary education of such dependent, or (2) $200.