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.

Amends the Internal Revenue Code to allow a taxpayer an income tax credit for expenses paid by such taxpayer for the elementary and secondary education of any of his dependents at a private nonprofit school. Limits such credit to a maximum $300 per dependent for any taxable year. Reduces the allowable credit by one percent of the amount by which the taxpayer's adjusted gross income exceeds $22,500.

Allows a credit for tuition, fees, books, supplies, and equipment required for courses. Disallows expenses for meals, lodging, or similar personal expenses.