3.0.0 1501 2023-01-11T16:47:38Z 2023-01-11T16:47:38Z Senate S S 2007-05-24 110 ssfi00 Finance Committee Senate Standing Referred to 2007-05-24T21:52:59Z Universal Higher Education and Lifetime Learning Act of 2007 110 2458 HR 2007-05-23 Referred to the House Committee on Ways and Means. Identical bill CRS 2007-05-24 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-05-24 Introduced in Senate IntroReferral 10000 9 Library of Congress B001233 Sen. Bayh, Evan [D-IN] EVAN BAYH D IN N Taxation College costs Cost of living adjustments Economics and Public Finance Education Graduate education Higher education Income tax Indexing (Economic policy) Tax deductions Tax refunds Tuition tax credits Taxation 00 2007-05-24 Introduced in Senate 2007-07-03T20:49:20Z 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.

]]> Universal Higher Education and Lifetime Learning Act of 2007 Display Title Universal Higher Education and Lifetime Learning Act of 2007 Official Title as Introduced 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. Introduced in Senate IS Short Titles as Introduced Universal Higher Education and Lifetime Learning Act of 2007 Introduced in Senate 2007-05-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1501is/xml/BILLS-110s1501is.xml 2007-05-24 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.