There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (04/11/1973)

Allows an income tax credit under the Internal Revenue Code to an individual for tuition paid by him to any private nonprofit elementary or secondary school during the taxable year for the elementary or secondary education of any dependent.

Provides that the amount allowable for the taxable year with respect to any dependent shall not exceed the lesser of: (1) 50 percent of the tuition paid by the taxpayer during the taxable year for the elementary or secondary education of such dependent, or (2) $300.

Reduces the aggregate amount which would be allowable by an amount equal to $1 for each full $20 contained in the amount by which the adjusted gross income of the taxpayer (or, if the taxpayer is married, the adjusted gross income of the taxpayer and his spouse) for the taxable year exceeds $30,000.

Limits examination of books and records of Church-controlled schools to the extent necessary to determine whether the school is a private nonprofit school within the meaning of the Act. Provides standing for taxpayers to sue to determine the constitutionality of this Act.