December 15, 1997
Nonprofit Update #12 (Colleges and Universities)
The IRS very recently issued Notice 97-60 dealing with Higher Education Tax Incentives. The Notice provides in question and answer format information regarding the Hope Scholarship and Lifetime Learning Credits, the deduction for student loan interest, Education Individual Retirement Accounts, and other higher education tax incentives recently enacted by the Taxpayer Relief Act of 1997.
The 21 page notice can be downloaded from the IRSís website at http://www.irs.ustreas.gov/prod/hot/not97-60.html. If you experience trouble downloading it, my Assistant Jane Baker (803) 898-5445 has several copies available.
Let me know if you would like an article on these tax incentives for your University's newsletter or magazine.
Burnet R. Maybank, III,