Hope Tax Credit

Hope Tax Credit

A reduction of one's tax liability for one's education expenses for the first two years of college. That is, in order to be eligible for the credit, one must be enrolled at least half time in a degree or certificate granting program and must not have completed the first two years. (Additionally, one must be free of a felony drug conviction.) The credit may be applied to tuition, but generally not to room and board or similar expenses.
References in periodicals archive ?
It is important to note that state lottery-funded scholarships such as Georgia's HOPE program are different and separate from the federal Hope tax credit, now known as the American Opportunity Tax Credit.
I have also noted with interest recent proposals to broaden the HOPE tax credit program for Higher Education costs.
Programs include up to $1,500 for a Hope Tax Credit and up to $2,000 for the Lifetime Learning Credit.
The Hope Tax Credit provides up to a $1,800 tax credit per eligible student.
The Hope tax credit permits taxpayers to reduce their taxes by as much as $1,650 per student for out-of-pocket tuition and fees for each of the first two years of postsecondary study.
At the center of this plan is a College Opportunity Tax Credit, building on the existing Hope tax credit.
The Hope Tax Credit provides up to a $1,650 tax credit per eligible student each year.
Education Tax Incentives The Hope Tax Credit is worth up to $1,500 per qualifying student while the Lifetime Learning Credit is worth up to $2,000.
5 billion under the HOPE tax credit, which allows a credit of up to $1,500 for tuition and fees during the first two years of postsecondary education;
The act provides a nonrefundable Hope tax credit for eligible higher education expenses including qualified tuition and related expenses, but not room, board or books.
While the Bush Administration has refused to increase federal grants, Democrats want to make college more affordable by increasing the maximum Pell Grant from $4,050 to $5,800 this year, doubling the HOPE Scholarship tax credit from $1,500 per student to $3,000 per student, and making the HOPE tax credit refundable.