Page:United States Statutes at Large Volume 111 Part 1.djvu/823

 PUBLIC LAW 105-34—AUG. 5, 1997 111 STAT. 799 "(3) COORDINATION WITH SECTION 24.—The amount of the credit under section 24 shall be reduced by the amount of the credit allowed under this subsection.". (c) HIGH RISK POOLS PERMITTED TO COVER SPOUSES AND DEPENDENTS OF HIGH RISK INDIVIDUALS. —Paragraph (26) of section 501(c) is amended by adding at the end the following flush sentence: "A spouse and any qualifying child (as defined in section 24(c)) of an individual described in subparagraph (B) (without regard to this sentence) shall be treated as described in subparagraph (B). ". (d) CONFORMING AMENDMENTS.— (1) Section 1324(b)(2) of title 31, United States Code, is amended by inserting before the period at the end ", or enacted by the Taxpayer Relief Act of 1997". (2) Paragraph (2) of section 6213(g) (relating to the definition of mathematical or clerical errors) is amended by striking "and" at the end of subparagraph (G), by striking the period at the end of subparagraph (H) and inserting ", and', and by inserting after subparagraph (H) the following new subparagraph: "(I) an omission of a correct TIN required under section 24(e) (relating to child tax credit) to be included on a return.". (3) The table of sections for subpart A of part IV of subchapter A of chapter 1 is amended by inserting after the item relating to section 23 the following new item: "Sec. 24. Child tax credit.". (e) EFFECTIVE DATE.— The amendments made by this section 26 USC 24 note. shall apply to taxable years beginning after December 31, 1997. TITLE II—EDUCATION INCENTIVES Subtitle A—Tax Benefits Relating to Education Expenses SEC. 201. HOPE AND LIFETIME LEARNING CREDITS. (a) IN GENERAL. —Subpart A of part IV of subchapter A of chapter 1 (relating to nonrefundable personal credits) is amended by inserting after section 25 the following new section: "SEC. 25A. HOPE AND LIFETIME LEARNING CREDITS. "(a) ALLOWANCE OF CREDIT. —In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year the amount equal to the sum of— "(1) the Hope Scholarship Credit, plus "(2) the Lifetime Learning Credit. "(b) HOPE SCHOLARSHIP CREDIT.— "(1) PER STUDENT 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— "(A) 100 percent of so much of the qualified tuition and related expenses paid by the taxpayer during the taxable year (for education furnished to the eligible student

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