Education Improvement Tax Cut Act - Amends the Internal Revenue Code to allow: (1) a tax credit up to $5,000 per year (adjusted annually for inflation after 2007) for contributions to a school tuition organization which distributes at least 90 percent of its annual gross income for elementary and secondary school scholarships; and (2) a tax credit up to $5,000 per year (adjusted annually for inflation after 2007) for contributions to a school materials organization which distributes at least 90 percent of its annual gross income to elementary and secondary schools for materials and equipment for instruction and for extracurricular activities.