Leadership Invests in the Future Through Helping Individuals Gain Higher Education and Retraining Act of 2012 or the LIFT HIGHER Act of 2012 - Amends the Internal Revenue Code to allow applicants to a graduate school program an income-based refundable tax credit for expenses in connection with a graduate school program application, including application fees, fees for taking any required test, and amounts paid for study and preparation materials or for tutorial and preparation services for any test required by a graduate program. Limits the amount of such credit in any taxable year to $500 over the aggregate amount of credits allowable for all prior taxable years.
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