H.R.7907 - 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.93rd Congress (1973-1974)
Summary: H.R.7907 — 93rd Congress (1973-1974)
Introduced in House (05/17/1973)
Allows an income tax credit under the Internal Revenue Code for expenses (including tuition, fees, books, and supplies) paid by a taxpayer to any private nonprofit elementary or secondary school for the education of any dependent for whom the taxpayer is allowed an income tax exemption.
Limits such credit for a taxpayer to the lesser of 100 percent of expenses or $200.
Reduces expenses of higher education of any individual paid during the taxable year by an amout equal to 1 percent of the amount by which the adjusted gross income of the taxpayer exceed $19,000.
Provides that any payment which is taken into account in determing the tax credit shall not result in a tax refund.