Educational Expenses Tax Deferral Act

Educational Expenses Tax Deferral Act - Provides, under the Internal Revenue Code, that any taxpayer who has incurred qualified educational expenses for the taxable year may elect to defer payment of part or all of as much of the personal income tax as does not exceed his qualified educational expenses for such year. Directs that such deferral shall not allowed for any amount of tax which is less than one percent of the taxpayer's gross income. Establishes guidelines for deferred installment payment.

Defines "qualified educational expenses" as the sum of the reasonable and necessary educational expenses paid by the taxpayer in connection with the education of the taxpayer. Sets a maximum amount of such expenses which may be taken into account.

Defines "educational expenses" to include tuition, fees, books and supplies but not food, lodging or living expenses.

Provides that the educational expenses which may be deferred shall be reduced by the total amount of student financial aid received.