Higher Education Expenses Tax Deferment Act

[AI summary unavailable — showing source text] Higher Education Expenses Tax Deferment Act - Allows a tax deferment under the Internal Revenue Code to an eligible individual of a portion of his income tax which is not in excess of the amount of the net qualified higher education expenses paid by him. Sets maximum and minimum amounts of such deferment. Defines eligible individual to include parents, students, or spouses. Defines qualified higher education expenses to include tuition, fees, books and living expenses. Sets repayment installments at 20 percent of income tax payment in each year plus interest. Provides for a refund of taxes paid that equal the amount of such deferment.…