Lifelong Learning Accounts Act of 2007
Last action on Jun 28, 2007Referred to the House Committee on Ways and Means.
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Summary
Lifelong Learning Accounts Act of 2007 - Amends the Internal Revenue Code to: (1) establish tax-exempt lifelong learning accounts to pay for certain higher education expenses and allow a tax deduction for cash contributions to such accounts; and (2) allow employers, employees, and self-employed individuals tax credits for contributions to such accounts.
Requires the Comptroller General to study the effectiveness of such accounts and the tax credits provided by this Act.
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