What is the Taxpayer Relief Act of 1997 (TRA97)?
The Taxpayer Relief Act of 1997 established two new education tax credits. The Hope Tax Credit is for students who are enrolled in one of the first two years of postsecondary education these students need to carry at least a half-time workload while pursuing an undergraduate degree, certificate, or other recognized credential. The Lifetime Learning Tax Credit is for students who take one or more classes form a college or university pursuing an undergraduate or graduate degree, certificate, other recognized credential, or to acquire or improve job skills.
The Taxpayer Relief Act of 1997 established two new education tax credits. The Hope Tax Credit is for students who are enrolled in one of the first two years of postsecondary education. These students need to carry at least a half-time workload while pursuing an undergraduate degree, certificate, or other recognized credential. The Lifetime Learning Tax Credit is for students who take one or more classes from a college or university pursuing an undergraduate or graduate degree, certificate, other recognized credential, or to acquire or improve job skills.
