To amend the Internal Revenue Code of 1986 to remove certain limitations on the exclusion of income from United States savings bonds when used to pay higher education tuition and fees.

Amends the Internal Revenue Code to repeal certain provisions concerning the income limitation with respect to the tax exclusion of U.S. savings bonds proceeds used to pay higher education tuition and fees. Repeals: (1) the income limitation where redemption proceeds exceed higher education expenses; (2) the requirement that expenses be incurred for the taxpayer, the taxpayer's spouse, or the taxpayer's dependent; and (3) the age limitation for the issuance of such bonds.