Lifelong Learning Accounts Act of 2007

Lifelong Learning Accounts Act of 2007 - Amends the Internal Revenue Code to: (1) establish tax-exempt lifelong learning accounts to pay for certain higher education expenses and allow a tax deduction for cash contributions to such accounts; and (2) allow employers, employees, and self-employed individuals tax credits for contributions to such accounts.

Requires the Comptroller General to study the effectiveness of such accounts and the tax credits provided by this Act.