This bill creates a new tax credit for families who pay tuition and related education expenses for elementary and secondary school students. Eligible taxpayers can claim up to $10,000 per child per year against their federal income taxes, covering tuition at public, charter, private, parochial, and religious schools, plus up to $1,500 annually in related expenses like tutoring, educational software, special needs services, and school transportation fees. The credit phases out for higher-income families, starting to reduce at $150,000 in modified adjusted gross income for joint filers and $75,000 for others. The bill would take effect for tax years beginning after it becomes law, with no specific funding amount designated since the credit operates through the tax code.