HR 2458
110th Congress
House
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
Universal Higher Education and Lifetime Learning Act of 2007
Introduced: May 23, 2007
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 23, 2007
Referred to the House Committee on Ways and Means.
May 23, 2007
Introduced in House
Plain-English 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.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1