DIGEST OF INTRODUCED BILL
Income tax credit for contributions to education savings plans. Allows an adjusted gross income tax credit to individuals and married couples for contributions to an education savings plan. Provides that the credit is equal to 20% of the contribution. Provides that the credit allowed for a particular contribution may not exceed $1,000. Provides that the aggregate amount of credits claimed by a taxpayer in a particular year may not exceed the taxpayer's adjusted gross income tax liability for that year.