H.R.3388: To amend the Internal Revenue Code of 1986 to increase and make permanent the deduction for tuition and related expenses.

College Affordability Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) increase the tax deduction for tuition and related expenses; (2) allow an inflation adjustment after 2008 of taxpayer adjusted gross income levels used to determine eligibility for, and allowable amounts of, such deduction; and (3) make such deduction permanent.