S.1399 - Federal Government - A bill to amend the Internal Revenue Code of 1986 to combine the Hope Scholarship Credit and the deduction for qualified tuition and related expenses into a refundable college affordability and creating chances for educational success for students (ACCESS) credit, to establish an Early Federal Pell Grant Commitment Demonstration Program, and to increase the maximum Federal Pell Grant Award.

A bill to amend the Internal Revenue Code of 1986 to combine the Hope Scholarship Credit and the deduction for qualified tuition and related expenses into a refundable college affordability and creating chances for educational success for students (ACCESS) credit, to establish an Early Federal Pell Grant Commitment Demonstration Program, and to increase the maximum Federal Pell Grant Award. 5/15/2007--Introduced. College Affordability and Creating Chances for Educational Success for Students Act of 2007 - College ACCESS Tax Credit Act - Amends the Internal Revenue Code to replace the Hope Scholarship Credit and the tuition and related expenses deduction with a refundable College Affordability and Creating Chances for Educational Success for Students (ACCESS) tax credit. Sets the maximum yearly credit at $3,000 and the maximum lifetime credit for undergraduate and graduate education at $12,000 and $6,000, respectively. Requires annual inflation adjustments to such amounts.[...]

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