Public Funds for Public Schools Act This bill amends the Internal Revenue Code to require the amount of a taxpayer's deductible charitable contributions to be reduced to account for the benefits of state income tax credits and deductions provided by a state to the taxpayer for a contribution to a specified school voucher organization. A "specified school voucher organization" is an organization with the primary purpose of providing vouchers, scholarships, or other funds for the expenses of students to attend elementary or secondary schools.