Universal Higher Education and Lifetime Learning Act of 2007

[AI summary unavailable — showing source text] 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.…