Higher Education Opportunity Act of 2007 - Amends the Internal Revenue Code to replace the hope and lifetime learning tax credits with a higher education opportunity tax credit.
Allows a higher education opportunity tax credit for 100% of qualified tuition and related expenses (including a certain allowance for books) up to $1,000, 50% for such expenses between $1,000 and $3,000, and 20% of such expenses between $3,000 and $5,500. Reduces credit amounts for taxpayers with modified adjusted gross incomes over $70,000 ($140,000 in the case of a joint return).
Limits such credit to three eligible students per taxpayer in any taxable year and for four taxable years.
Denies such credit to certain part-time students and students convicted of a felony drug offense.
Repeals the tax deduction for qualified tuition and related expenses.
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