Educational Expenses Tax Deferral Act

[AI summary unavailable — showing source text] Educational Expenses Tax Deferral Act - Amends the Internal Revenue Code to allow a deferral of an individual's income tax liability to the extent it equals a limited portion of the educational expenses incurred for the taxpayer, his spouse and dependents. Defers payment until the year following the end of the individual's attendance at an educational institution or the sixteenth year following the taxpayer's initial deferral, whichever is earlier. Provides for independent studies by the Secretaries of the Treasury and Health, Education, and Welfare on the effects of this Act.…