1. Short title This Act may be cited as the Education, Achievement, and Opportunity Act . 2. Findings Congress finds the following: (1) Private schools supplement the public school system and are a vital component of our Nation’s school network. (2) The public school system was created to serve students, not the other way around. Children should have the opportunity to attend the school system that is most conducive to developing their abilities, and parents have the right to choose the public or private school that best meets their child’s individual needs. 3. Credit for elementary and secondary education expenses (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 inserting after section 36C the following new section: 36D. Elementary and secondary education expenses (a) Allowance of credit (1) In general 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 each qualifying child of the taxpayer. (2) Amount per child The amount of credit allowable under paragraph (1) for any taxable year with respect to the qualified education expenses of each qualifying child of the taxpayer shall not exceed $10,000. (b) Limitation based on adjusted gross income (1) In general The amount of the credit allowable under subsection (a) (after the application of subsection (a)(2)) shall be reduced (but not below zero) by $50 for each $1,000 (or fraction thereof) by which the taxpayer’s modified adjusted gross income exceeds the threshold amount. (2) Definitions and special rules For purposes of this paragraph (1)— (A) Threshold amount The term threshold amount means— (i) $150,000 in the case of a joint return, and (ii) $75,000 in any other case. (B) Modified adjusted gross income The term modified adjusted gross income means adjusted gross income increased by any amount