To amend the Internal Revenue Code of 1986 to allow a credit against tax for qualified elementary and secondary education tuition.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Tax and Education Assistance for Children (TEACH) Act of 2012''.
SEC. 2. CREDIT FOR QUALIFIED ELEMENTARY AND SECONDARY EDUCATION TUITION.
(a) In General.--Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to nonrefundable personal credits) is amended by inserting after section 25D the following new section:
``SEC. 25E. QUALIFIED ELEMENTARY AND SECONDARY EDUCATION TUITION.
``(a) Allowance of Credit.--There shall be allowed as a credit against the tax imposed by this chapter for a taxable year an amount equal to the qualified elementary and secondary education tuition paid or incurred by the taxpayer during the taxable year. ``(b) Dollar Limitation.--The amount allowed as a credit under subsection (a) with respect to the taxpayer for any taxable year shall not exceed-- ``(1) $5,000 in the case of a joint return, ``(2) $5,000 in the case of an individual who is not married, and ``(3) $2,500 in the case of a married individual filing a separate return. ``(c) Qualified Elementary and Secondary Education Tuition.-- ``(1) In general.--The term `qualified elementary and secondary education tuition' means expenses for tuition which are incurred in connection with the enrollment or attendance of any dependent of...