Hope and Opportunity for Postsecondary Education Act of 1997

[AI summary unavailable — showing source text] TABLE OF CONTENTS: Title I: Tax Provisions Title II: Student Financial Aid Provisions Hope and Opportunity for Postsecondary Education Act of 1997 - Title I: Tax Provisions - Higher Education Tax Incentive Act of 1997 - Amends the Internal Revenue Code to establish a tax credit of up to $1,500 for qualified higher education expenses. Allows the credit: (1) for only the first two years of postsecondary education; and (2) only if an individual is an eligible student for at least one academic period during the year. Reduces such credit: (1) by the amount of any non-taxable Federal scholarship or grant assistance received; and (2) if adjusted gross income exceeds specified levels. Sets forth other rules concerning the credit, including denying the credit to an individual: (1) convicted of a drug offense; and (2) failing to maintain grade point average requirements. Prohibits the credit after December 31, 2000. (Sec. 103) Permits a limited deduction for qualified higher education expenses based on modified adjusted gross income for qualified higher education expenses. Prohibits taking both such deduction and the above credit. Prohibits the deduction after December 31, 2000. (Sec. 104) R…