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.

Revises the Internal Revenue Code to allow as a credit against the income tax the expenses of elementary or secondary education paid by an individual during the taxable year to any private nonprofit elementary or secondary school for a dependent.

Limits such credit to the lesser of 100 percent of the expenses or $300. Reduces such credit by an amount equal to 1 percent of the amount by which the adjusted gross income of the taxpayer exceeds $22,500.