Education Opportunities Tax Act of 1997

Summary

TABLE OF CONTENTS: Title I: Public-Private Education Partnerships Title II: Hope Scholarship Credit Education Opportunities Tax Act of 1997 - Title I: Public-Private Education Partnerships - Amends the Internal Revenue Code to allow a limited credit to a taxpayer who holds a qualified zone academy bond. Establishes a private business contribution requirement for such a bond. Requires such an academy to: (1) be located in an empowerment zone or enterprise community; or (2) have a reasonable expectation that at least 35 percent of its students will be from families with incomes that are 70 percent or less of the lower living standard. Sets a national zone academy bond limitation. Includes in gross income the amount of the credit allowed to the taxpayer. Title II: Hope Scholarship Credit - Allows, for up to the first four years of postsecondary education, a credit (based on modified adjusted gross income) of up to $1,500 annually for qualified higher education expenses in the case of a student who is at least a half-time student. Sets forth rules concerning, among other things: (1) the denial of the credit for students who are convicted of a drug offense or who fail to make satisfactory academic progress; (2) prohibiting the taking of both such credit and an educational expense deduction; (3) adjustments for certain scholarships; (4) married individuals; and (5) coordination with other student financial assistance.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 1 May 1997

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• Introduced in House (PDF)

  Introduced in House · EN · 1 May 1997

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• Introduced in House

  summary · EN · 1 May 1997

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