H.R.1407 - Federal Government - To amend the Internal Revenue Code of 1986 to expand incentives for education.

To amend the Internal Revenue Code of 1986 to expand incentives for education. 3/8/2007--Introduced. Higher Education Affordability and Equity Act of 2007 - Amends the Internal Revenue Code to: (1) repeal the dollar limitation on the tax deduction for interest on education loans and expand eligibility for such deduction by revising the modified adjusted gross income phaseout for such deduction; (2) make the tax deduction for qualified tuition and related expenses permanent; (3) increase from $2,000 to $5,000 the maximum allowable contribution to a Coverdell savings account; (4) exclude from gross income amounts received for qualified higher education expenses (e.g., books, supplies, room, board, and special needs services); and (5) allow certain additional expenses (e.g., fees, books, supplies, and equipment) for purposes of the Hope Scholarship Tax Credit and provide that such tax credit shall not be reduced by Federal Pell Grants and Supplemental Educational Opportunity [...]

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