Elementary and Secondary Education Tuition Tax Credit Act of 1981

Elementary and Secondary Education Tuition Tax Credit Act of 1981 - Amends the Internal Revenue Code to allow a taxpayer an income tax credit for 25 percent of the expenses paid for the elementary or secondary education of a dependent. Sets forth maximum dollar amounts allowable as a credit for calendar years 1981 and 1982, after which the credit expires.

Treats tuition payments as paid for calendar years 1981 and 1982 if such payments are made during the particular calendar year or within one month of the beginning or close of such calendar year for education furnished during that year.

Requires the individual for whom the tuition tax credit is allowed by this Act to be a full-time student during any four months of the calendar year or a part-time student during any eight months of the calendar year.

Excludes from the definition of "expenses of elementary and secondary education" any amounts paid for books, supplies, meals, lodging, transportation, similar personal expenses, and for education below the first-grade level or attendance at a kindergarten or nursery.

Forbids any construction of this Act as granting the Government additional authority to examine the books or activities of any church school except to the extent necessary to determine whether such school is an eligible educational institution.

Requires that any amount received by the taxpayer as a tuition tax credit be disregarded for purposes of determining the eligibility of the taxpayer for Federal, State, or local educational assistance.