Detailed 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.

Status of the Legislation

Latest Major Action: 5/23/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

(Log in to edit the wiki and be the first to show why the bill should pass!)

Points Against

(Log in to edit the wiki and be the first to show why the bill should not pass!)