S. 2763 would amend the Internal Revenue Code of 1986 to provide a higher education opportunity credit in place of existing education tax incentives.

== Detailed Summary ==

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(Log inHigher Education Opportunity Act of 2008 - Amends the Internal Revenue Code to editreplace the wikihope and be the firstlifetime 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 provide$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 detailed summaryjoint return). Allows an increased tax credit for students who served certain periods of active duty in the bill!)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.
</summary>

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== Status of the Legislation ==

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Latest Major Action: 3/13/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
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== Points in Favor ==

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== Points Against ==

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