A bill to amend the Internal Revenue Code of 1954 to allow individuals an income tax credit for certain expenses of elementary or secondary education.

Allows an income tax credit under the Internal Revenue Code for expenses (including tuition, fees, books, and supplies) paid by a taxpayer to any private nonprofit elementary or secondary school for the education of any dependent for whom the taxpayer is allowed an income tax exemption.

Limits such credit for a taxpayer to the lesser of 100 percent of expenses or $200.

Reduces expenses of higher education of any individual paid during the taxable year by an amout equal to 1 percent of the amount by which the adjusted gross income of the taxpayer exceed $19,000.

Provides that any payment which is taken into account in determing the tax credit shall not result in a tax refund.