Notice of Proposed Rulemaking on Education Tax Credits

The Internal Revenue Service (IRS) recently released a notice of proposed rulemaking, dated January 6, 1999, regarding the Hope Scholarship Credit and the Lifetime Learning Credit, section 25A of the Internal Revenue Code. These proposed regulations provide guidance to individuals who may claim the Hope Scholarship Credit or the Lifetime Learning Credit for certain postsecondary educational expenses. The IRS notice also announced that, upon request, a public hearing will be held and videoconferenced on these proposed regulations.

Comments regarding the proposed regulations should be submitted by April 6, 1999. Submissions should be sent to: CC:DOM:CORP:R(REG-106388-98), room 5226, Internal Revenue Service P.O. Box 7604, Ben Franklin Station, Washington D.C. 20044. Comments may also be submitted electronically by selecting the "Tax Regs" option on the IRS web-site at http://www.irs.ustreas.gov/prod/tax_regs/comments.html. Requests to videoconference the hearing must by received by March 8, 1999.

A copy of the IRS notice can be accessed from the Department of Education's web-site at http://ifap.ed.gov. If you have additional questions regarding the regulations, you may contact Donna Welch at (202) 622-4910. Questions concerning the submission of comments or the hearing should be directed to Michael L. Slaughter at (202) 622-7190.

Any questions regarding this bulletin can be directed to the UHEAA Policy and Training Department at (801) 321-7166.