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SECTION 1. SHORT TITLE.

    This Act may be cited as the ``IP-Enabled Voice Communications and 
Public Safety Act of 2005''.

SEC. 2. EMERGENCY SERVICE.

    (a) 911 and E-911 Services.--Notwithstanding section 2(b) or any 
other provision of the Communications Act of 1934, the Commission shall 
prescribe regulations to establish a set of requirements or obligations 
on providers of IP-enabled voice service to ensure that 911 and E-911 
services are available to customers to IP-enabled voice service. Such 
regulations shall include an appropriate transition period by which to 
comply with such requirements or obligations and take into 
consideration available industry technological and operational 
standards, including network security.
    (b) Non-Discriminatory Access to Capabilities.--Each entity with 
ownership or control of the necessary emergency services infrastructure 
shall provide any requesting IP-enabled voice service provider with 
nondiscriminatory access to their equipment, network, databases, 
interfaces and any other related capabilities necessary for the 
delivery and completion of 911 and E911 calls and information related 
to such 911 or E911 calls. Such access shall be consistent with 
industry standards established by the National Emergency Number 
Association or other applicable industry standards organizations. Such 
entity shall provide access to the infrastructure at just and 
reasonable, nondiscriminatory rates, terms and conditions. The 
telecommunications carrier or other entity shall provide such access to 
the infrastructure on a stand-alone basis.
    (c) State Authority.--Nothing in this Act, the Communications Act 
of 1934, or any Commission regulation or order shall prevent the 
imposition on or collection from a provider of voice services, 
including IP-enabled voice services, of any fee or charge specifically 
designated or presented as dedicated by a State, political subdivision 
thereof, or Indian tribe on an equitable, and non-discriminatory basis 
for the support of 911 and E-911 services if no portion of the revenue 
derived from such fee or charge is obligated or expended for any 
purpose other than support of 911 and E-911 services or enhancements of 
such services.
    (d) Standard.--The Commission may establish regulations imposing 
requirements or obligations on providers of voice services, entities 
with ownership or control of emergency services infrastructure under 
subsections (a) and (b) only to the extent that the Commission 
determines such regulations are technologically and operationally 
feasible.
    (e) Customer Notice.--Prior to the compliance with the rules as 
required by subsection (a), a provider of an IP-enabled voice service 
that is not capable of providing 911 and E-911 services shall provide a 
clear and conspicuous notice of the unavailability of such services to 
each customer at the time of entering into a contract for such service 
with that customer.
    (f) Voice Service Provider Responsibility.--An IP-enabled voice 
service provider shall have the sole responsibility for the proper 
design, operation, and function of the 911 and E911 access capabilities 
offered to the provider's customers.
    (g) Parity of Protection for Provision or Use of IP-Enabled Voice 
Service.--
            (1) Provider parity.--If a provider of an IP-enabled voice 
        service offers 911 or E-911 services in compliance with the 
        rules required by subsection (a), that provider, its officers, 
        directors, employees, vendors, and agents, shall have immunity 
        or other protection from liability of a scope and extent that 
        is not less than the scope and extent of immunity or other 
        protection from liability that any local exchange company, and 
        its officers directors, employees, vendors, or agents, have 
        under the applicable Federal and State law (whether through 
        statute, judicial decision, tariffs filed by such local 
        exchange company, or otherwise), including in connection with 
        an act or omission involving the release of subscriber 
        information related to the emergency calls or emergency 
        services to a public safety answering point, emergency medical 
        service provider, or emergency dispatch provider, public 
        safety, fire service, or law enforcement official, or hospital 
        emergency or trauma care facility.
            (2) User parity.--A person using an IP-enabled voice 
        service that offers 911 or E-911 services pursuant to this 
        subsection shall have immunity or other protection from 
        liability of a scope and extent that is not less than the scope 
        and extent of immunity or other protection from liability under 
        applicable law in similar circumstances of a person using 911 
        or E-911 service that is not provided through an IP-enabled 
        voice service.
            (3) PSAP parity.--In matters related to IP-enabled 911 and 
        E-911 communications, a PSAP, and its employees, vendors, 
        agents, and authorizing government entity (if any) shall have 
        immunity or other protection from liability of a scope and 
        extent that is not less than the scope and extent of immunity 
        or other protection from liability under applicable law 
        accorded to such PSAP, employees, vendors, agents, and 
        authorizing government entity, respective, in matters related 
        to 911 or E-911 communications that are not provided via an IP-
        enabled voice service.
    (h) Delegation Permitted.--The Commission may, in the regulations 
prescribed under this section, provide for the delegation to State 
commissions of authority to implement and enforce the requirements of 
this section and the regulations thereunder.

SEC. 3. MIGRATION TO IP-ENABLED EMERGENCY NETWORK.

    Section 158 of the National Telecommunications and Information 
Administration Organization Act (as added by section 104 of the ENHANCE 
911 Act of 2004) is amended--
            (1) by redesignating subsections (d) and (e) as subsections 
        (e) and (f), respectively; and
            (2) by inserting after subsection (c) the following:
    ``(d) Migration Plan Required.--
            ``(1) National plan required.--No more than 18 months after 
        the date of the enactment of the ENHANCE 911 Act of 2004, the 
        Office shall develop and report to Congress on a national plan 
        for migrating to a national IP-enabled emergency network 
        capable of receiving and responding to all citizen activated 
        emergency communications.
            ``(2) Contents of plan.--The plan required by paragraph (1) 
        shall--
                    ``(A) outline the potential benefits of such a 
                migration;
                    ``(B) identify barriers that must be overcome and 
                funding mechanisms to address those barriers;
                    ``(C) include a proposed timetable, an outline of 
                costs and potential savings;
                    ``(D) provide specific legislative language, if 
                necessary, for achieving the plan; and
                    ``(E) provide recommendations on any legislative 
                changes, including updating definitions, to facilitate 
                a national IP-enabled emergency network.
            ``(3) Consultation.--In developing the plan required by 
        paragraph (1), the Office shall consult with representatives of 
        the public safety community, technology and telecommunications 
        providers, and others it deems appropriate.''.

SEC. 4. DEFINITIONS.

    (a) In General.--For purposes of this Act:
            (1) 911 and e-911 services.--
                    (A) 911.--The term ``911'' means a service that 
                allows a user, by dialing the three-digit code 911, to 
                call a public safety answering point operated by a 
                State, local government, Indian tribe, or authorized 
                entity.
                    (B) E-911.--The term ``E-911 service'' means a 911 
                service that automatically delivers the 911 call to the 
                appropriate public safety answering point, and provides 
                automatic identification data, including the 
                originating number of an emergency call, the physical 
                location of the caller, and the capability for the 
                public safety answering point to call the user back if 
                the call is disconnected.
            (2) IP-enabled voice service.--The term ``IP-enabled voice 
        service'' means an IP-enabled service used for real-time 2-way 
        or multidirectional voice communications offered to a customer 
        that--
                    (A) uses North American Numbering Plan administered 
                telephone numbers, or successor protocol; and
                    (B) has two-way interconnection or otherwise 
                exchange traffic with the public switched telephone 
                network.
            (3) Customer.--The term ``customer'' includes a consumer of 
        goods or services whether for a fee, in exchange for an 
        explicit benefit, or provided for free.
            (4) IP-enabled service.--The term ``IP-enabled service'' 
        means the use of software, hardware, or network equipment that 
        enable an end user to send or receive a communication over the 
        public Internet or a private network utilizing Internet 
        protocol, or any successor protocol, in whole or part, to 
        connect users--
                    (A) regardless of whether the communication is 
                voice, data, video, or other form; and
                    (B) notwithstanding --
                            (i) the underlying transmission technology 
                        used to transmit the communications;
                            (ii) whether the packetizing and 
                        depacketizing of the communications occurs at 
                        the customer premise or network level; or
                            (iii) the software, hardware, or network 
                        equipment used to connect users.
            (5) Public switched telephone network.--The term ``public 
        switched telephone network'' means any switched common carrier 
        service that is interconnected with the traditional local 
        exchange or interexchange switched network.
            (6) PSAP.--The term ``public safety answering point'' or 
        ``PSAP'' means a facility that has been designated to receive 
        911 calls.
    (b) Common Terminology.--Except as otherwise provided in subsection 
(a), terms used in this Act have the meanings provided under section 3 
of the Communications Act of 1934.
IP-Enabled Voice Communications and Public Safety Act of 2005 - Directs the Federal Communications Commission (FCC) to prescribe regulations to establish a set of requirements or obligations on providers of IP-enabled voice service (Internet protocol-enabled service for real-time two-way or multidirectional voice communications) to ensure that 911 (emergency) services and E-911 services (services that automatically delivers a 911 call to the appropriate public safety answering point) are available to customers of IP-enabled voice service. Requires: (1) nondiscriminatory IP provider access to 911 and E-911 services; (2) IP providers to provide to customers a clear and conspicuous notice of the unavailability of 911 and E-911 services; and (3) IP provider and user immunity in the provision and use of 911 and E-911 services to the same extent as local exchange companies and other persons, respectively.

Amends the National Telecommunications and Information Administration Organization Act to require the E-911 Implementation Coordination Office to develop and report to Congress on a national plan for migrating to a national IP-enabled emergency network capable of receiving and responding to all citizen activated emergency communications.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Significant Regulation Oversight Act 
of 2001''.

SEC. 2. FINDING AND PURPOSE.

    (a) Finding.--The Congress finds that oversight of significant 
rules will be enhanced if they are subject to congressional review and 
approval after being proposed by an agency.
    (b) Purpose.--The purpose of this Act is to ensure that before a 
significant rule takes effect--
            (1) Congress is given an adequate opportunity to review the 
        rule and ensure that it is in accordance with the intent of 
        Congress in enacting the law under which the rule is proposed; 
        and
            (2) Congress approves the rule in accordance with the 
        procedures established by this Act.

SEC. 3. REVIEW OF SIGNIFICANT RULES BY CONGRESS.

    (a) Congressional Approval of Significant Rules Required.--A 
significant rule shall not take effect before the date of the enactment 
of a joint resolution described in section 4(a) comprised solely of the 
text of the significant rule.
    (b) Reporting and Review of Significant Rules.--(1) Before a 
proposed significant rule would take effect as a final rule, the agency 
proposing the rule shall submit to each House of Congress a report 
containing the following:
            (A) A copy of the proposed significant rule.
            (B) A concise summary of the proposed significant rule, its 
        purpose, and anticipated effects.
            (C) A complete copy of any cost-benefit analysis report 
        that has been prepared by the agency with respect to the 
        proposed significant rule.
            (D) An explanation of the specific statutory interpretation 
        under which a rule is proposed, including an explanation of--
                    (i) whether the interpretation is expressly 
                required by the text of the statute; or
                    (ii) if the interpretation is not expressly 
                required by the text of the statute, an explanation 
                that the interpretation is within the range of 
                permissible interpretations of the statute as 
                identified by the agency, and an explanation why the 
                interpretation selected by the agency is the agency's 
                preferred interpretation.
            (E) Any other relevant information or requirements under 
        any other Act and any relevant Executive order.
    (2) Upon receipt of a report under paragraph (1), each House of 
Congress shall provide a copy of the report to the Chairman and ranking 
minority party member of each committee with jurisdiction over the 
subject matter of the report.
    (c) No Inference To Be Drawn Where Congress Fails To Approve.--If 
Congress fails to enact a joint resolution approving a proposed 
significant rule, no court or agency may infer any intent of Congress 
from any action or inaction of Congress with regard to such rule or any 
related statute.

SEC. 4. CONGRESSIONAL APPROVAL PROCEDURE FOR SIGNIFICANT RULES.

    (a) Introduction.--The majority leader of each House of the 
Congress shall introduce (by request) a joint resolution comprised 
solely of the text of a proposed significant rule not later than 3 
session days in the Senate or 3 legislative days in the House of 
Representatives after the date on which an agency submits a report 
under section 3(b) containing the text of the proposed significant 
rule. If the joint resolution is not introduced in either House as 
provided in the preceding sentence, then any Member of that House may 
introduce the joint resolution.
    (b) Referral and Consideration.--(1) The joint resolution shall be 
referred to the appropriate committee of the House in which it is 
introduced. The committee may report the joint resolution without 
substantive revision and with or without recommendation or with an 
adverse recommendation, or the committee may vote not to report the 
joint resolution. If the committee votes to order the joint resolution 
reported, it shall be reported not later than the end of the period 
(not to exceed 45 session days in the Senate or 45 legislative days in 
the House of Representatives) established for consideration of the 
joint resolution by the Speaker of the House of Representatives or the 
majority leader of the Senate, as the case may be. Except in the case 
of a joint resolution which a committee votes not to report, a 
committee failing to report a joint resolution within such period shall 
be automatically discharged from consideration of the joint resolution, 
and it shall be placed on the appropriate calendar.
    (2) A vote on final passage of the joint resolution shall be taken 
in that House on or before the close of the 90th session day in the 
Senate or 90th legislative day in the House of Representatives after 
the date of the introduction of the joint resolution in that House.
    (3)(A) A motion in the House of Representatives to proceed to the 
consideration of a joint resolution under this section shall be highly 
privileged and not debatable. An amendment to the motion shall not be 
in order, nor shall it be in order to move to reconsider the vote by 
which the motion is agreed to or disagreed to.
    (B) Debate in the House of Representatives on a joint resolution 
under this section shall be limited to not more than 4 hours, which 
shall be divided equally between those favoring and those opposing the 
joint resolution. A motion further to limit debate shall not be 
debatable. It shall not be in order to move to recommit a joint 
resolution under this section or to move to reconsider the vote by 
which the joint resolution is agreed to or disagreed to.
    (C) All appeals from the decisions of the chair relating to the 
application of the Rules of the House of Representatives to the 
procedure relating to a joint resolution under this section shall be 
decided without debate.
    (D) Except to the extent specifically provided in the preceding 
provisions of this subsection, consideration of a joint resolution 
under this section shall be governed by the Rules of the House of 
Representatives applicable to other joint resolutions in similar 
circumstances.
    (4)(A) A motion in the Senate to proceed to the consideration of a 
joint resolution under this section shall be privileged and not 
debatable. An amendment to the motion shall not be in order, nor shall 
it be in order to move to reconsider the vote by which the motion is 
agreed to or disagreed to.
    (B) Debate in the Senate on a joint resolution under this section, 
and all debatable motions and appeals in connection therewith, shall be 
limited to not more than 10 hours. The time shall be equally divided 
between, and controlled by, the majority leader and the minority leader 
or their designees.
    (C) Debate in the Senate on any debatable motion or appeal in 
connection with a joint resolution under this section shall be limited 
to not more than 1 hour, to be equally divided between, and controlled 
by, the mover and the manager of the joint resolution, except that in 
the event the manager of the joint resolution is in favor of any such 
motion or appeal, the time in opposition thereto, shall be controlled 
by the minority leader or his designee. Such leaders, or either of 
them, may, from time under their control on the passage of a joint 
resolution, allot additional time to any Senator during the 
consideration of any debatable motion or appeal.
    (D) A motion in the Senate to further limit debate on a joint 
resolution under this section is not debatable. A motion to recommit a 
joint resolution under this section is not in order.
    (c) Amendments Prohibited.--No amendment to a joint resolution 
considered under this section shall be in order in either the House of 
Representatives or the Senate. No motion to suspend the application of 
this subsection shall be in order in either House, nor shall it be in 
order in either House for the presiding officer to entertain a request 
to suspend the application of this subsection by unanimous consent.
    (d) Treatment if the Other House Has Acted.--If, before the passage 
by one House of a joint resolution of that House described in 
subsection (a), that House receives from the other House a joint 
resolution described in subsection (a) comprised of the same text, 
then--
            (1) the procedure in that House shall be the same as if no 
        joint resolution had been received from the other House, and
            (2) the vote on final passage shall be on the joint 
        resolution of the other House.
    (e) Constitutional Authority.--This section is enacted by 
Congress--
            (1) as an exercise of the rulemaking power of the Senate 
        and the House of Representatives, respectively, and as such it 
        is deemed a part of the rules of each House, respectively, but 
        applicable only with respect to the procedure to be followed in 
        that House in the case of a joint resolution described in 
        subsection (a), and it supersedes other rules only to the 
        extent that it is inconsistent with such rules; and
            (2) with full recognition of the constitutional right of 
        either House to change the rules (so far as  relating to the 
procedure of that House) at any time, in the same manner, and to the 
same extent as in the case of any other rule of that House.

SEC. 5. EXISTING RULES.

    (a) In General.--Any existing rule may be revised or revoked in 
accordance with this section if a petition for review so requests.
    (b) Introduction.--If a petition for review is filed with the Clerk 
of the House of Representatives or the Secretary of the Senate, the 
Clerk or the Secretary shall determine whether the petition meets the 
requirements of subsection (d). If the Clerk or the Secretary 
determines that a petition meets those requirements, he or she shall 
notify the majority leader of that House. The majority leader so 
notified shall, within 3 session days in the Senate or 3 legislative 
days in the House of Representatives, introduce a joint resolution (by 
request) that makes the revision or revocation of existing rules 
proposed by the petition upon the enactment of that joint resolution. 
If the joint resolution is not introduced as provided in the preceding 
sentence, then any Member of that House may introduce the joint 
resolution.
    (c) Procedures for Consideration in the House of Representatives 
and the Senate.--Any joint resolution introduced under subsection (b) 
shall be considered in the House of Representatives and the Senate in 
accordance with the procedures respecting a joint resolution set forth 
in section 4.
    (d) Petitions for Review.--A petition for review under subsection 
(a) shall contain the following:
            (1) Any rule affected by the petition and the contents of 
        that rule as it would exist if a joint resolution revising or 
        revoking that rule pursuant to the petition were enacted.
            (2) For a petition in the Senate, the signatures of 30 
        Senators, or for a petition in the House of Representatives, 
        the signatures of 120 Members.

SEC. 6. DEFINITIONS.

    For purposes of this Act:
            (1) Agency.--The term ``agency'' has the meaning given that 
        term in section 551 of title 5, United States Code (relating to 
        administrative procedure).
            (2) Session day and legislative day.--The terms ``session 
        day'' and ``legislative day'' do not include, with respect to a 
        House of the Congress, any day throughout which that House is 
        not in session.
            (3) Rule.--(A) The term ``rule'' has the meaning given such 
        term by section 551 of title 5, United States Code, except that 
        such term does not include--
                    (i) any rule of particular applicability including 
                a rule that approves or prescribes--
                            (I) future rates, wages, prices, services, 
                        or allowances therefor,
                            (II) corporate or financial structures, 
                        reorganizations, mergers, or acquisitions 
                        thereof, or
                            (III) accounting practices or disclosures 
                        bearing on any of the foregoing, or
                    (ii) any rule of agency organization, personnel, 
                procedure, practice, or any routine matter.
            (B) The term ``final rule'' means any final rule or interim 
        final rule.
            (4) Significant rule.--The term ``significant rule'' means 
        any rule proposed by an agency that is specified or described 
        as such in the Act that authorizes the rule.

SEC. 7. EXEMPTION FOR MONETARY POLICY.

    Nothing in this Act applies to any rule concerning monetary policy 
proposed or implemented by the Board of Governors of the Federal 
Reserve System or the Federal Open Market Committee.
Significant Regulation Oversight Act of 2001 - Prohibits a significant rule from taking effect before the enactment of a joint resolution described in this Act comprising solely of the text of such rule. Calls for congressional reporting and review of significant rules before they take effect as final rules.Provides that, if Congress fails to enact a joint resolution approving the proposed rule, no court or agency may infer any intent of Congress from any action or inaction with regard to such rule or any related statute.Sets forth: (1) the congressional approval procedure for significant rules; and (2) provisions with respect to revising or revoking an existing rule.Exempts from this Act rules concerning monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Universal Higher Education and 
Lifetime Learning Act of 2007''.

SEC. 2. CONSOLIDATION OF EDUCATION TAX INCENTIVES INTO HIGHER EDUCATION 
              TAX CREDIT.

    (a) In General.--Section 25A of the Internal Revenue Code of 1986 
(relating to Hope and Lifetime Learning credits) is amended to read as 
follows:

``SEC. 25A. HIGHER EDUCATION TAX CREDIT.

    ``(a) Allowance of Credit.--In the case of any eligible student for 
whom an election is in effect under this section for any taxable year, 
there shall be allowed as a credit against the tax imposed by this 
chapter for the taxable year an amount equal to the sum of--
            ``(1) 50 percent of so much of the higher education 
        expenses paid by the taxpayer during the taxable year (with 
        respect to attendance of the eligible student at an eligible 
        educational institution during any academic period beginning in 
        such taxable year) as does not exceed $3,000, and
            ``(2) 30 percent of so much of such expenses as exceeds 
        $3,000, but does not exceed $8,000.
    ``(b) Limitations.--
            ``(1) Higher education expense limitation.--The amount of 
        higher education expenses taken into account under subsection 
        (a) with respect to an individual for an academic period shall 
        not exceed the individual's cost of attendance (as defined in 
        section 472 of the Higher Education Act of 1965, as in effect 
        on the date of the enactment of this section) for such period 
        at the eligible educational institution with respect to which 
        such higher education expenses were paid.
            ``(2) Lifetime credit limitation.--The amount of the credit 
        allowed under subsection (a) for any taxable year with respect 
        to any eligible student shall not exceed the excess of--
                    ``(A) $12,000, over
                    ``(B) the aggregate credit allowed under subsection 
                (a) with respect to such eligible student for all prior 
                taxable years.
            ``(3) Credit limitation based on modified adjusted gross 
        income.--
                    ``(A) In general.--The amount which would (but for 
                this paragraph) be taken into account under subsection 
                (a) for the taxable year shall be reduced (but not 
                below zero) by the amount determined under subparagraph 
                (B).
                    ``(B) Amount of reduction.--The amount determined 
                under this subparagraph is the amount which bears the 
                same ratio to the amount which would be so taken into 
                account as--
                            ``(i) the excess of--
                                    ``(I) the taxpayer's modified 
                                adjusted gross income for such taxable 
                                year, over
                                    ``(II) the applicable amount under 
                                subparagraph (D), bears to
                            ``(ii) $30,000 ($60,000 in the case of a 
                        joint return).
                    ``(C) Modified adjusted gross income.--The term 
                `modified adjusted gross income' means the adjusted 
                gross income of the taxpayer for the taxable year 
                increased by any amount excluded from gross income 
                under section 911, 931, or 933.
                    ``(D) Applicable amount.--The applicable amount 
                under this subparagraph is--
                            ``(i) in the case of a joint return, 200 
                        percent of the dollar amount in effect under 
                        clause (ii) for the taxable year, and
                            ``(ii) in any other case, $50,000.
            ``(4) Limitation based on amount of tax.--In the case of a 
        taxable year to which section 26(a)(2) does not apply, the 
        credit allowed under subsection (a) for the taxable year shall 
        not exceed the excess of--
                    ``(A) the sum of the regular tax liability (as 
                defined in section 26(b)) plus the tax imposed by 
                section 55, over
                    ``(B) the sum of the credits allowable under this 
                subpart (other than this section and section 23) and 
                section 27 for the taxable year.
    ``(c) Definitions.--For purposes of this subsection--
            ``(1) Eligible student.--The term `eligible student' means, 
        with respect to any academic period, any individual who meets 
        the requirements of section 484(a)(1) of the Higher Education 
        Act of 1965 (20 U.S.C. 1091(a)(1)), as in effect on the date of 
        the enactment of the Taxpayer Relief Act of 1997.
            ``(2) Higher education expense.--The term `higher education 
        expense' means any expense of a type which is taken into 
        account in determining the cost of attendance (as defined in 
        section 472 of the Higher Education Act of 1965, as in effect 
        on the date of the enactment of this section) of--
                    ``(A) the taxpayer,
                    ``(B) the taxpayer's spouse, or
                    ``(C) any dependent of the taxpayer with respect to 
                whom the taxpayer is allowed a deduction under section 
                151,
        at an eligible educational institution with respect to the 
        attendance of such individual at such institution for the 
        academic period for which the credit under this section is 
        being determined.
            ``(3) Eligible educational institution.--The term `eligible 
        educational institution' means an institution--
                    ``(A) which is described in section 481 of the 
                Higher Education Act of 1965, as in effect on the date 
                of the enactment of the Taxpayer Relief Act of 1997, 
                and
                    ``(B) which is eligible to participate in a program 
                under title IV of the Higher Education Act of 1965.
    ``(d) Special Rules.--
            ``(1) Identification requirement.--No credit shall be 
        allowed under subsection (a) to a taxpayer with respect to an 
        eligible student unless the taxpayer includes the name and 
        taxpayer identification number of such student on the return of 
        tax for the taxable year.
            ``(2) Adjustment for certain scholarships.--The amount of 
        higher education expenses otherwise taken into account under 
        subsection (a) with respect to an individual for an academic 
        period shall be reduced (before the application of subsections 
        (a) and (b)) by the sum of any amounts paid for the benefit of 
        such individual which are allocable to such period as--
                    ``(A) a qualified scholarship which is excludable 
                from gross income under section 117,
                    ``(B) an educational assistance allowance under 
                chapter 30, 31, 32, 34, or 35 of title 38, United 
                States Code, or under chapter 1606 of title 10, United 
                States Code, and
                    ``(C) a payment (other than a gift, bequest, 
                devise, or inheritance within the meaning of section 
                102(a)) for such student's educational expenses, or 
                attributable to such individual's enrollment at an 
                eligible educational institution, which is excludable 
                from gross income under any law of the United States.
            ``(3) Credit allowed only for first 2 years of graduate 
        education.--No credit shall be allowed under subsection (a) for 
        a taxable year with respect to the higher education expenses of 
        an eligible student if the student has completed (before the 
        beginning of such taxable year) 2 years of graduate education 
        at one or more eligible educational institutions.
            ``(4) Treatment of expenses paid by dependent.--If a 
        deduction under section 151 with respect to an individual is 
        allowed to another taxpayer for a taxable year beginning in the 
        calendar year in which such individual's taxable year begins--
                    ``(A) no credit shall be allowed under subsection 
                (a) to such individual for such individual's taxable 
                year, and
                    ``(B) higher education expenses paid by such 
                individual during such individual's taxable year shall 
                be treated for purposes of this section as paid by such 
                other taxpayer.
            ``(5) Treatment of certain prepayments.--If higher 
        education expenses are paid by the taxpayer during a taxable 
        year for an academic period which begins during the first 3 
        months following such taxable year, such academic period shall 
        be treated for purposes of this section as beginning during 
        such taxable year.
            ``(6) Denial of double benefit.--No credit shall be allowed 
        under this section for any expense for which deduction is 
        allowed under any other provision of this chapter.
            ``(7) No credit for married individuals filing separate 
        returns.--If the taxpayer is a married individual (within the 
        meaning of section 7703), this section shall apply only if the 
        taxpayer and the taxpayer's spouse file a joint return for the 
        taxable year.
            ``(8) Nonresident aliens.--If the taxpayer is a nonresident 
        alien individual for any portion of the taxable year, this 
        section shall apply only if such individual is treated as a 
        resident alien of the United States for purposes of this 
        chapter by reason of an election under subsection (g) or (h) of 
        section 6013.
    ``(e) Portion of Credit Refundable.--The aggregate credits allowed 
to a taxpayer under subpart C shall be increased by 50 percent of the 
portion of the amount of the credit which would be allowed to the 
taxpayer under this section without regard to this subsection and the 
limitation under section 26(a)(2) or subsection (b)(4), as the case may 
be. The amount of the credit allowed under this subsection shall not be 
treated as a credit allowed under this subpart and shall reduce the 
amount of credit otherwise allowable under subsection (a) without 
regard to section 26(a)(2) or subsection (b)(3), as the case may be.
    ``(f) Election Not To Have Section Apply.--A taxpayer may elect not 
to have this section apply with respect to the higher education 
expenses of an individual for any taxable year.
    ``(g) Inflation Adjustment.--
            ``(1) In general.--In the case of a taxable year beginning 
        after 2008, the $50,000 amount in subsection (b)(3)(D) shall 
        each be increased by an amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for the calendar year in which 
                the taxable year begins, determined by substituting 
                `calendar year 2007' for `calendar year 1992' in 
                subparagraph (B) thereof.
            ``(2) Rounding.--If any amount as adjusted under 
        subparagraph (A) is not a multiple of $1,000, such amount shall 
        be rounded to the next lowest multiple of $1,000.
    ``(h) Regulations.--The Secretary may prescribe such regulations as 
may be necessary or appropriate to carry out this section, including 
regulations providing for a recapture of the credit allowed under this 
section in cases where there is a refund in a subsequent taxable year 
of any expense which was taken into account in determining the amount 
of such credit.''.
    (b) Repeal of Deduction for Qualified Tuition and Related 
Expenses.--
            (1) In general.--Part VII of subchapter B of chapter 1 of 
        such Code (relating to additional itemized deductions for 
        individuals) is amended by striking section 222.
            (2) Clerical amendment.--The table of sections for part VII 
        of subchapter B of chapter 1 of such Code is amended by 
        striking the item relating to section 222.
    (c) Conforming Amendments.--
            (1) Subsection (c) of section 23 of such Code is amended by 
        striking ``and 1400C'' and inserting ``25A, and 1400C''.
            (2) Subparagraph (B) of section 24(b)(3) of such Code is 
        amended by striking ``and 25B'' and inserting ``, 25A, and 
        25B''.
            (3) Subparagraph (C) of section 25(e)(1) of such Code is 
        amended--
                    (A) by striking ``25D'' in clause (i) and inserting 
                ``25A, 25D'', and
                    (B) by striking ``24'' in clause (ii) and inserting 
                ``24, 25A''.
            (4) Paragraph (2) of section 25B(g) of such Code is amended 
        by striking ``section 23'' and inserting ``sections 23 and 
        25A''.
            (5) Subsection (c) of section 25D of such Code is amended--
                    (A) in paragraph (1) by inserting ``and section 
                25A'' after ``other than this section'', and
                    (B) in paragraph (2) by striking ``24'' and 
                inserting ``24, 25A''.
            (6) Subsection (d) of section 1400C of such Code is 
        amended--
                    (A) by striking ``section 25D'' in paragraph (1) 
                and inserting ``sections 25A and 25D'', and
                    (B) by striking ``24'' in paragraph (2) and 
                inserting ``24, 25A''.
            (7) Section 62(a) of such Code is amended by striking 
        paragraph (18).
            (8) Subparagraph (A) of section 86(b)(2) of such Code is 
        amended by striking ``, 222''.
            (9) Subparagraph (B) of section 72(t)(7) of such Code is 
        amended by striking ``section 25A(g)(2)'' and inserting 
        ``section 25A(d)(2)''.
            (10) Subparagraph (A) of section 135(c)(4) of such Code is 
        amended by striking ``, 222''.
            (11) Subparagraph (A) of section 137(b)(3) of such Code is 
        amended by striking ``, 222''.
            (12) Subparagraph (A) of section 199(d)(2) of such Code is 
        amended by striking ``, 222''.
            (13) Clause (ii) of section 219(g)(3)(A) of such Code is 
        amended by striking ``, 222''.
            (14) Clause (i) of section 221(b)(2)(C) of such Code is 
        amended by striking ``, 222''.
            (15) Clause (iii) of section 469(i)(3)(F) of such Code is 
        amended by striking ``221, and 222'' and inserting ``and 221''.
            (16) Subsection (d) of section 221 of such Code is 
        amended--
                    (A) by striking ``section 25A(g)(2)'' in paragraph 
                (2)(B) and inserting ``section 25A(d)(2)'', and
                    (B) by striking ``section 25A(f)(2)'' in the second 
                sentence of paragraph (2) and inserting ``section 
                25A(c)(3)''.
            (17) Paragraph (3) of section 221(d) of such Code is 
        amended to read as follows:
            ``(3) Eligible student.--The term `eligible student' means, 
        with respect to any academic period, a student who--
                    ``(A) meets the requirements of section 484(a)(1) 
                of the Higher Education Act of 1965 (20 U.S.C. 
                1091(a)(1)), as in effect on the date of the enactment 
                of the Taxpayer Relief Act of 1997, and
                    ``(B) is carrying at least \1/2\ the normal full-
                time workload for the course of study the student is 
                pursuing.''.
            (18) Subclause (I) of section 529(c)(3)(B)(v) of such Code 
        is amended by striking ``section 25A(g)(2)'' and inserting 
        ``25A(d)(2)''.
            (19) Clause (i) of section 529(e)(3)(B) of such Code is 
        amended by striking ``section 25A(b)(3)'' and inserting 
        ``section 221(d)(3)''.
            (20) Subclause (I) of section 530(d)(2)(C)(i) of such Code 
        is amended by striking ``section 25A(g)(2)'' and inserting 
        ``section 25A(d)(2)''.
            (21) Clause (iii) of section 530(d)(4)(B) of such Code is 
        amended by striking ``section 25A(g)(2)'' and inserting 
        ``25A(d)(2)''.
            (22) Section 1400O of such Code is amended by adding at the 
        end the following flush sentence:
``For purposes of this section, any reference to section 25A shall be 
treated as a reference to such section as in effect on the day before 
the date of the enactment of this sentence.''.
            (23) Section 6050S of such Code is amended--
                    (A) by striking ``qualified tuition and related 
                expenses'' in subsection (a)(2) and inserting 
                ``expenses which are included as part of a student's 
                cost of attendance (as defined in section 472 of the 
                Higher Education Act of 1965)'',
                    (B) by striking clause (i) of subsection (b)(2)(B) 
                and inserting the following new clause:
                            ``(i) the cost of attendance (as defined in 
                        section 472 of the Higher Education Act of 
                        1965) of such individual,'', and
                    (C) in subsection (e) by striking ``the terms'' and 
                all that follows through ``subsection (g)(2) thereof)'' 
                and inserting ``the term `eligible educational 
                institution' has the meaning given such term by section 
                25A(c)(3)''.
            (24) Subparagraph (J) of section 6213(g)(2) of such Code is 
        amended by striking ``section 25A(g)(1) (relating to higher 
        education tuition and related expenses)'' and inserting 
        ``section 25A(d)(1) (relating to higher education tax 
        credit)''.
            (25) Paragraph (2) of section 1324(b) of title 31, United 
        States Code, is amended by inserting ``, 25A,'' after ``section 
        35''.
            (26) The table of sections for subpart A of part IV of 
        subchapter A of chapter 1 of such Code is amended by striking 
        the item relating to section 25A and inserting the following:

``Sec. 25A. Higher education tax credit.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to expenses paid after December 31, 2007, for education furnished 
in academic periods beginning after such date.

Universal Higher Education and Lifetime Learning Act of 2007 - Amends the Internal Revenue Code of 1986 to replace the Hope Scholarship and Lifetime Learning Tax Credits with a partially refundable Higher Education Tax Credit covering: (1) up to 50% of a taxpayer's higher education expenses for a taxable year that do not exceed $3,000; and (2) up to 30% of such expenses between $3,000 and $8,000.

Sets a lifetime credit limitation of $12,000 per student.

Applies the credit to no more than two years of graduate education.

Repeals the tax deduction for qualified tuition and related expenses.