Higher Education Expenses Tax Deferment Act

[AI summary unavailable — showing source text] Higher Education Expenses Tax Deferment Act - Amends the Internal Revenue Code to allow an eligible individual a limited deferment of taxes for any taxable year in an amount not in excess of the amount of net qualified higher education expenses paid by such taxpayer during that year. Limits such deferral to the lesser of: (1) 75 percent of the net qualified higher education expenses paid; (2) $1500 per academic year for an undergraduate student; or (3) the amount of tax liability reduced by twice the amount that such liability exceeds the amount of tax deferrable. Defines terms used in this Act.…