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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Children's Education Tax Credit
Act''.

SEC. 2. CREDIT FOR EDUCATION EXPENSES OF STUDENTS RECEIVING OR ELIGIBLE
TO RECEIVE FREE OR REDUCED PRICE SCHOOL MEALS.

(a) In General.--Subpart C of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to refundable credits)
is amended by redesignating section 35 as section 36 and by inserting
after section 34 the following new section:

''SEC. 35. EDUCATION EXPENSES OF STUDENTS RECEIVING OR ELIGIBLE TO
RECEIVE FREE OR REDUCED PRICE SCHOOL MEALS.

''(a) General Rule.--In the case of an individual, there shall be
allowed as a credit against the tax imposed by this subtitle for the
taxable year the amount of the qualified education expenses paid by the
taxpayer during the taxable year for the education of any individual--
''(1) with respect to whom the taxpayer is allowed a
deduction under section 151(c), and
''(2) who receives (or is eligible to receive) free or
reduced price meals under the Richard B. Russell National
School Lunch Act or the Child Nutrition Act of 1966 for the
period to which such expenses relate.
''(b) Limitation.--The amount allowed as a credit under subsection
(a) for any taxable year with respect to the qualified education
expenses of any 1 individual shall not exceed $1,500.
''(c) Definitions.--For purposes of this section--
''(1) Qualified education expenses.--
''(A) In general.--The term 'qualified education
expenses' means amounts paid for--
''(i) tuition and fees required for the
enrollment or attendance of a student at an
eligible educational institution, and
''(ii) fees, tutoring, books, supplies,
computer equipment (including related software
and services) and other equipment required for
courses of instruction at an eligible
educational institution.
''(B) Meals and lodging expenses not included.--
Such term does not include any amount paid, directly or
indirectly, for meals, lodging, or similar personal,
living, or family expenses. In the event an amount paid
for tuition or fees includes an amount for meals,
lodging, or similar expenses which is not separately
stated, the portion of such amount which is
attributable to meals, lodging, or similar expenses
shall be determined under regulations prescribed by the
Secretary.
''(C) Special rule for home schooling.--In the case
of education furnished in the home (as a substitute for
public education) which meets the requirements of State
law relating to compulsory school attendance, the term
'qualified education expenses' means amounts paid for
tutoring, books, supplies, computer equipment
(including related software and services), and other
equipment used in furnishing such education.
''(2) Eligible educational institution.--The term 'eligible
educational institution' means--
''(A) a secondary school,
''(B) an elementary school, or
''(C) any private, parochial, religious, or home
school organized for the purpose of providing
elementary or secondary education, or both.
''(3) Elementary and secondary schools.--The terms
'elementary school' and 'secondary school' have the respective
meanings given such terms by section 14101 of the Elementary
and Secondary Education Act of 1965.
''(d) Adjustment for Certain Scholarships.--The amounts otherwise
taken into account under subsection (a) as qualified education expenses
of any individual during any period shall be reduced (before the
application of subsection (b)) by the sum of the amounts received with
respect to such individual for the taxable year as a qualified
scholarship which under section 117 is not includable in gross income.
''(e) Regulations.--The Secretary shall prescribe such regulations
as may be necessary to carry out the provisions of this section.''
(b) Technical Amendments.--
(1) Paragraph (2) of section 1324(b) of title 31, United
States Code, is amended by striking ''or'' after ''1978,'' and
by inserting before the period '', or enacted by the Children's
Education Tax Credit Act''.
(2) The table of sections for subpart C of part IV of
subchapter A of chapter 1 of such Code is amended by striking
the last item and inserting the following new items:

''Sec. 35. Education expenses of students
receiving or eligible to
receive free or reduced price
school meals.
''Sec. 36. Overpayments of tax.''
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
Output:
Children's Education Tax Credit Act - Amends the Internal Revenue Code to establish a tax credit (up to $1,500 per student) for the qualified educational expenses paid by a taxpayer on behalf of a dependent individual who receives or is eligible to receive free or reduced price school meals.Defines "eligible educational institution" as a secondary school, an elementary school, or any private, parochial, religious, or home school providing elementary or secondary education, or both.