When is the Hope Scholarship Credit Available?
The taxpayer may claim the Hope credit for qualified expenses paid January 1, 1998 and after for education furnished in academic periods beginning on or after this date.Taxpayers may pay educational expenses in a tax year for an academic period that begins following the tax year (e.g., paying in December 1998 for an academic period beginning in the first three months of 1999). Because the law does not take effect until January 1, 1998, these prepayments are not permitted for the first year of the credit.
