Source: http://taxtv.com/code/00014-USCODE-2011-title26-subtitleA-chap1-subchapA-partIV-subpartA-sec25A/
Timestamp: 2017-03-27 20:22:22
Document Index: 584359774

Matched Legal Cases: ['§25', '§25', '§201', '§401', '§1004', '§10909', '§101', '§1070', '§27', '§103', '§10909', '§101', '§401', '§401', '§1004', '§103']

IRC §25A. Hope and Lifetime Learning credits - TaxTV.com
IRC §25A. Hope and Lifetime Learning credits
(b) Hope Scholarship Credit
In the case of any eligible student for whom an election is in effect under this section for any taxable year, the Hope Scholarship Credit is an amount equal to the sum of—
(2) Limitations applicable to Hope Scholarship Credit
(A) Credit allowed only for 2 taxable years
(C) Credit allowed only for first 2 years of postsecondary education
(4) Applicable limit
(A) Coordination with Hope Scholarship
(d) Limitation based on modified adjusted gross income
The term “modified adjusted gross income” means the adjusted gross income of the taxpayer for the taxable year increased by any amount excluded from gross income under section 911, 931, or 933.
If a deduction under section 1 with respect to an individual is allowed to another taxpayer for a taxable year beginning in the calendar year in which such individual’s taxable year begins—
(h) Inflation adjustments
(1) Dollar limitation on amount of credit
In the case of a taxable year beginning after 2001, each of the $1,000 amounts under subsection (b)(1) shall be increased by an amount equal to—
(ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting “calendar year 2000” for “calendar year 1992” in subparagraph (B) thereof.
(i) American opportunity tax credit
In the case of any taxable year beginning in 2009, 2010, 2011, or 2012—
(1) Increase in credit
The Hope Scholarship Credit shall be an amount equal to the sum of—
(2) Credit allowed for first 4 years of post-secondary education
Subparagraphs (A) and (C) of subsection (b)(2) shall be applied by substituting “4” for “2”.
(3) Qualified tuition and related expenses to include required course materials
Subsection (f)(1)(A) shall be applied by substituting “tuition, fees, and course materials” for “tuition and fees”.
(4) Increase in AGI limits for Hope Scholarship Credit
In lieu of applying subsection (d) with respect to the Hope Scholarship Credit, such credit (determined without regard to this paragraph) shall be reduced (but not below zero) by the amount which bears the same ratio to such credit (as so determined) as—
(i) the taxpayer’s modified adjusted gross income (as defined in subsection (d)(3)) for such taxable year, over
(5) Credit allowed against alternative minimum tax
In the case of a taxable year to which section 26(a)(2) does not apply, so much of the credit allowed under subsection (a) as is attributable to the Hope Scholarship Credit shall not exceed the excess of—
(B) the sum of the credits allowable under this subpart (other than this subsection and sections 23, 25D, and 30D) and section 27 for the taxable year.
(6) Portion of credit made refundable
40 percent of so much of the credit allowed under subsection (a) as is attributable to the Hope Scholarship Credit (determined after application of paragraph (4) and without regard to this paragraph and section 26(a)(2) or paragraph (5), as the case may be) shall be treated as a credit allowable under subpart C (and not allowed under subsection (a)). The preceding sentence shall not apply to any taxpayer for any taxable year if such taxpayer is a child to whom subsection (g) of section 1 applies for such taxable year.
(7) Coordination with midwestern disaster area benefits
In the case of a taxpayer with respect to whom section 702(a)(1)(B) of the Heartland Disaster Tax Relief Act of 2008 applies for any taxable year, such taxpayer may elect to waive the application of this subsection to such taxpayer for such taxable year.
(Added Pub. L. 105–34, title II, §201(a), Aug. 5, 1997, 111 Stat. 799; amended Pub. L. 107–16, title IV, §401(g)(2)(A), June 7, 2001, 115 Stat. 59; Pub. L. 111–5, div. B, title I, §1004(a), Feb. 17, 2009, 123 Stat. 313; Pub. L. 111–148, title X, §10909(b)(2)(C), (c), Mar. 23, 2010, 124 Stat. 1023; Pub. L. 111–312, title I, §§101(b)(1), 103(a)(1), Dec. 17, 2010, 124 Stat. 3298, 3299.)
The Higher Education Act of 1965, referred to in subsec. (f)(2)(B), is Pub. L. 89–329, Nov. 8, 1965, 79 Stat. 1219, as amended. Title IV of the Act is classified generally to subchapter IV (§1070 et seq.) of chapter 28 of Title 20, Education, and part C (§27 et seq.) of subchapter I of chapter 34 of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 1001 of Title 20 and Tables.
Section 702(a)(1)(B) of the Heartland Disaster Tax Relief Act of 2008, referred to in subsec. (i)(7), is section 702(a)(1)(B) of Pub. L. 110–343, div. C, title VII, Oct. 3, 2008, 122 Stat. 3912, which is not classified to the Code.
2010—Subsec. (i). Pub. L. 111–312, §103(a)(1), substituted “, 2010, 2011, or 2012” for “or 2010” in introductory provisions.
Subsec. (i)(5)(B). Pub. L. 111–148, §10909(b)(2)(C), (c), as amended by Pub. L. 111–312, §101(b)(1), temporarily substituted “25D” for “23, 25D,”. See Effective and Termination Dates of 2010 Amendment note below.
2001—Subsec. (e). Pub. L. 107–16, §§401(g)(2)(A), 901, temporarily amended heading and text of subsec. (e) generally. Prior to amendment, text read as follows:
“(2) Coordination with exclusions.—An election under this subsection shall not take effect with respect to an individual for any taxable year if any portion of any distribution during such taxable year from an education individual retirement account is excluded from gross income under section 530(d)(2).”
Pub. L. 107–16, title IV, §401(h), June 7, 2001, 115 Stat. 60, provided that: “The amendments made by this section [amending this section and sections 135, 530, and 4973 of this title] shall apply to taxable years beginning after December 31, 2001.”
Section 201(f) of Pub. L. 105–34 provided that:
Pub. L. 111–5, div. B, title I, §1004(c), Feb. 17, 2009, 123 Stat. 314, as amended by Pub. L. 111–312, title I, §103(a)(2), Dec. 17, 2010, 124 Stat. 3299, provided that: