Q: In this task, you are given a summary for US Congressional and California state bill, your task is to generate a Title for this bill. The preferred titles are under forty words and mention the purpose of the bill.
Higher Education Savings Credit Act of 1997 - Amends the Internal Revenue Code to establish a credit for contributions made by a taxpayer to a qualifying higher education investment account for a dependent not over 18 years old. Determines such credit upon a maximum annual contribution of $500 per account holder and an age-based percentage. Excludes account distributions from gross income if used to pay the holder's qualified higher education expenses, and provides for an additional tax and credit recapture (with exceptions) if used otherwise.
Sets forth related reporting requirements.
A:
Higher Education Savings Credit Act of 1997