S. 1501 · 110th Congress
Universal Higher Education and Lifetime Learning Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BayhSponsorNo cosponsors.
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…
What it does: CRS summary · Introduced in Senate · May 24, 2007
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Universal Higher Education and Lifetime Learning Act of 2007
Latest action (May 24, 2007): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: May 24, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.