3.0.0 2763 2019-11-15T21:57:49Z 2019-11-15T21:57:49Z Senate S S 2008-03-13 110 ssfi00 Finance Committee Senate Standing Referred to 2008-03-13T17:09:36Z Middle Class Opportunity Act of 2007 110 2902 HR 2007-06-28 Referred to the House Committee on Ways and Means. Related bill CRS Middle Class Opportunity Act of 2007 110 614 S 2007-02-15 Read twice and referred to the Committee on Finance. Related bill CRS Higher Education Opportunity Act of 2007 110 851 S 2007-03-13 Read twice and referred to the Committee on Finance. Related bill CRS 2008-03-13 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2008-03-13 Introduced in Senate IntroReferral 10000 9 Library of Congress S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. N Taxation Books College costs Education Higher education Income tax Tax deductions Tax refunds Textbooks Tuition tax credits Taxation 00 2008-03-13 Introduced in Senate 2008-04-15T18:58:50Z Higher Education Opportunity Act of 2008 - Amends the Internal Revenue Code to replace the hope and lifetime learning tax credits with a higher education opportunity tax credit.

Allows a higher education opportunity tax credit for 100% of qualified tuition and related expenses (including a certain allowance for books) up to $1,000, 50% for such expenses between $1,000 and $3,000, and 20% of such expenses between $3,000 and $5,500. Reduces credit amounts for taxpayers with modified adjusted gross incomes over $70,000 ($140,000 in the case of a joint return). Allows an increased tax credit for students who served certain periods of active duty in the Armed Forces after September 11, 2001.

Limits such credit to three eligible students per taxpayer in any taxable year and for four taxable years.

Denies such credit to certain part-time students and students convicted of a felony drug offense.

Repeals the tax deduction for qualified tuition and related expenses.

]]> Higher Education Opportunity Act of 2008 Short Titles as Introduced Higher Education Opportunity Act of 2008 Display Title Higher Education Opportunity Act of 2008 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide a higher education opportunity credit in place of existing education tax incentives. Introduced in Senate 2008-03-13T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2763is/xml/BILLS-110s2763is.xml 2008-03-13 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.