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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Aug 31, 1976.
Amends the Internal Revenue Code to allow taxpayers to credit against the income tax specified higher education expenses, including tuition, fees, books and supplies, incurred by the taxpayer for himself or any dependent. Limits the credit to those expenses incurred for each individual which do not exceed $100 during taxable year 1977, $150 during 1978, $200 during 1979, and $250 each taxable year commencing thereafter. Limits the credit to expenses incurred by full time students at institutions of vocational and higher education, minus scholarships and veterans benefits. Limits the total credit allowed the taxpayer to his income tax liability minus the sum of all other credits applied thereto. Disallows any deduction of educational expenses used to determine the amount of the allowed by this Act.