,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #defc  ,,in ,,the ,,house ,,of  
,,representatives  ,may #b1 #bjad ,mr4  
,israel introduced the following bill2  
which was referred to the ,committee on 
,ways and ,means  ,a ,,bill  ,to amend  
the ,internal ,revenue ,code of #aihf to
 provide a tax credit for certain       
expenses relating to applying to        
college4  #a4 ,short title ,this ,act   
may be cited as the ,college            
,preparation ,tax ,credit ,act of #bjad4
  #b4 ,tax credit for college           
preparation expenses  7a7 ,in general   
,subpart ,a of part ,,iv of subchapter  
,a of chapter #a of the ,internal       
,revenue ,code of #aihf is amended by   
inserting after section #be;,d the      
following new section3  #be;,e4 ,credit 
for college preparation expenses  7a7   
,allowance of credit ,in the case of an 
individual1 there shall be allowed as a 
credit against the tax imposed by this  
chapter for such taxable year an amount 
equal to so much of the qualified       

college preparation expenses paid or    
incurred by the taxpayer during such    
taxable year as does not exceed #ejj4   
7b7 ,qualified college preparation      
expenses ,for purposes of this section1 
the term qualified college preparation  
expenses means amounts paid or incurred 
for--  7#a7 fees required for taking any
 ,advanced ,placement or ,international 
,baccalaureate exam1  7#b7 fees required
 for taking the ,,sat1 the ,,act1 or any
 ,,sat ,subject ,test1  7#c7 expenses   
related to preparation 7including       
tutorial services and preparation       
classes7 for any exam described in      
paragraph 7#a7 or 7#b71  7#d7 fees and  
expenses related to applications for    
admission to pursue a postsecondary     
course of study at an eligible          
educational institution 7as defined in  
section #be;,a7f77#b771 and  7#e7 such  
other similar expenses and fees as the  
,secretary may by regulation prescribe4 
7c7 ,election ,no credit shall be       
allowed under subsection 7a7 with       

respect to any expenses paid or incurred
 during the taxable year with respect to
 any individual for whom an election is 
not in effect under this section for    
such taxable year4  7d7 ,credit allowed 
only for #c taxable years ,an election  
under this section with respect to any  
individual may not be made for any      
taxable year if such an election is in  
effect with respect to such individual  
for any #c prior taxable years4  7e7    
,treatment of expenses paid by dependent
 ,if a deduction under section #aea with
 respect to an individual is allowed to 
another taxpayer for a taxable year     
beginning in the calendar year in which 
such individual's taxable year begins-- 
7#a7 no credit shall be allowed under   
subsection 7a7 to such individual for   
such individual's taxable year1 and     
7#b7 qualified college preparation      
expenses paid by such individual during 
such individual's taxable year shall be 
treated for purposes of this section as 
paid by such other taxpayer4  4  7b7    

,clerical amendment ,the table of       
sections for subpart ,a of part ,,iv of 
subchapter ,a of chapter #a of the      
,internal ,revenue ,code of #aihf is    
amended by inserting after the item     
relating to section #be;,d the following
 new item3  ,sec4 #be;,e4 ,credit for   
college preparation expenses4  4  7c7   
,effective date ,the amendments made by 
this section shall apply to taxable     
years beginning after the date of the   
enactment of this ,act4