To amend the Internal Revenue Code of 1986 to allow a nonrefundable credit for elementary and secondary school supply expenses.

This bill creates a nonrefundable tax credit for eligible elementary and secondary school supply expenses paid by taxpayers with dependent children enrolled in public, private, or religious K-12 schools. It allows a credit of up to $200 per year for expenses like books, supplies, and equipment, but reduces the credit for taxpayers with modified adjusted gross income exceeding $150,000. The credit cannot be claimed for expenses already used for Coverdell Education Savings Account withdrawals. It applies to taxable years beginning after December 31, 2023.