110 HR 3607 IH: To amend the Internal Revenue Code of 1986 to expand the U.S. House of Representatives 2007-09-20 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.

I 110th CONGRESS 1st Session H. R. 3607 IN THE HOUSE OF REPRESENTATIVES September 20, 2007 Mr. Barrow introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to expand the Hope Scholarship Credit by increasing the maximum credit, by allowing the credit for 4 years of postsecondary education, and by allowing the credit for room, board, and certain other expenses.

1.

Expansion of hope scholarship credit

(a)

Increase in maximum per student credit

(1)

In general

Paragraph (1) of section 25A(b) of the Internal Revenue Code of 1986 (relating to Hope Scholarship Credit) is amended by striking $1,000 each place it appears and inserting $2,000. (2)

Conforming amendments

Section 25A(h)(1)(A) of such Code (relating to inflation adjustments) is amended— (A)by striking 2001 and inserting 2008, (B)by striking $1,000 and inserting $2,000, and (C)by striking 2000 and inserting 2007. (b)

Credit for 4 years of postsecondary education

(1)Subparagraph (A) of section 25A(b)(2) of such Code is amended— (A)by striking 2 taxable years in the heading and inserting 4 taxable years, and (B)by striking 2 prior taxable years and inserting 4 prior taxable years. (2)Subparagraph (C) of section 25A(b)(2) of such Code is amended— (A)by striking 2 years in the heading and inserting 4 years, and (B)by striking 2 years in the text and inserting 4 years. (c)

Creditable expenses include expenses for room, board, and certain other items

Paragraph (1) of section 25A(f) of such Code is amended by adding at the end the following new subparagraph: (D)

Additional expenses allowed for hope scholarship credit

For purposes of the Hope Scholarship Credit— (i)

In general

Such term shall include— (I)except as provided in subparagraph (B), books, supplies, and equipment required for courses of instruction at the eligible educational institution, and (II)the reasonable cost for room and board while attending such institution. (ii)

Limitation on room and board

The amount treated under clause (i) as qualified tuition and related expenses with respect to room and board shall not exceed the limitation under section 529(e)(3)(B)(ii). . (d)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2007.