Provides an itemized deduction for expenses for course-mandated supplies for eligible college students paid by taxpayers

This bill creates a new tax deduction for taxpayers who pay for required college course supplies (like textbooks or lab materials). It allows a deduction equal to 25% of these expenses in 2001, increasing to 50% in 2002, 75% in 2003, and 100% for all years after 2003. The deduction applies only to taxpayers who do not claim a separate credit for college expenses under another tax provision. It directly affects college students' families or individuals who pay for these mandatory supplies out of pocket.