S.1501 - Universal Higher Education and Lifetime Learning Act of 2007

A bill to amend the Internal Revenue Code of 1986 to consolidate the current education tax incentives into one credit against income tax for higher education expenses, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Universal Higher Education and Lifetime Learning Act of 2007 as introduced.
  • Official: A bill to amend the Internal Revenue Code of 1986 to consolidate the current education tax incentives into one credit against income tax for higher education expenses, and for other purposes. as introduced.

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Introduced
 
Senate
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House
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President
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05/24/07
 
 
 
 
 
 
 

Official Summary

Universal Higher Education and Lifetime Learning Act of 2007 - Amends the Internal Revenue Code of 1986 to replace the Hope Scholarship and Lifetime Learning Tax Credits with a partially refundable Higher Education Tax Credit covering: (1) up to 50% of a taxpayer's higher education exp

Official Summary

Universal Higher Education and Lifetime Learning Act of 2007 - Amends the Internal Revenue Code of 1986 to replace the Hope Scholarship and Lifetime Learning Tax Credits with a partially refundable Higher Education Tax Credit covering:
(1) up to 50% of a taxpayer's higher education expenses for a taxable year that do not exceed $3,000; and
(2) up to 30% of such expenses between $3,000 and $8,000. Sets a lifetime credit limitation of $12,000 per student. Applies the credit to no more than two years of graduate education. Repeals the tax deduction for qualified tuition and related expenses.

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