A bill to amend the Internal Revenue Code of 1954 to allow a credit against income tax to individuals for certain expenses incurred in higher education.

Amends the Internal Revenue Code to allow taxpayers an income tax credit for their higher education and vocational school expenses. Allows a credit for 100 percent of such expenses which do not exceed $200, 25 percent of expenses between $200 and $500, and five percent of expenses between $500 and $1,500. Reduces the amount of such credit by one percent of the amount by which the taxpayer's adjusted gross income exceeds $22,500.

Defines "higher education expenses" as tuition, fees, books, supplies, and equipment required for coursework above the twelfth grade level. Excludes expenses for meals, lodging, or similar personal expenses.