SECTION 1. Chapter 62 is hereby amended in Section 6 by inserting at the end thereof after subsection (v)(7) the following new subsection:-
(w) A credit shall be allowed against the tax liability imposed by this chapter for in an amount up to 20 per cent of the cost of qualified tuition and fees for higher education. The credit under this subsection shall be allowed for the taxable year in which the expenses are incurred; provided, that said credit shall not exceed $5,000 in any tax year and any excess credit may be applied over the following seven subsequent tax years.
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