112 STAT. 792 PUBLIC LAW 105-206^JULY 22, 1998 "(i) the sum of the credits allowed under this part (determined without regard to sections 31, 33, and 34 and this subsection), over "(ii) the sum of the regular tax and the Social Security taxes (as defined in section 24(d)). The credit determined under this subsection shall be allowed without regard to any other provision of this section, including subsection (d). "(2) COORDINATION WITH OTHER CREDITS.— The amount of the credit under this subsection shall reduce the amount of the credits otherwise allowable under subpart A for the taxable year (determined after the application of section 26), but the amount of the credit under this subsection (and such reduction) shall not be taken into account in determining the amount of any other credit allowable under this part.". SEC. 6004. AMENDMENTS RELATED TO TITLE U OF 1997 ACT. (a) AMENDMENTS RELATED TO SECTION 201 OF 1997 ACT. — (1) The item relating to section 25A in the table of sections for subpart A of part IV of subchapter A of chapter 1 of the 1986 Code is amended to read as follows: "Sec. 25A. Hope and Lifetime Learning credits.". (2) Subsection (a) of section 6050S of the 1986 Code is amended to read as follows: "(a) IN GENERAL. —Any person— "(1) which is an eligible educational institution— "(A) which receives payments for qualified tuition and related expenses with respect to any individual for any calendar year; or "(B) which makes reimbursements or refunds (or similar amounts) to any individual of qualified tuition and related expenses; "(2) which is engaged in a trade or business of making payments to any individual under an insurance arrangement as reimbursements or refunds (or similar amounts) of qualified tuition and related expenses; or "(3) except as provided in regulations, which is engaged in a trade or business and, in the course of which, receives from any individual interest aggregating $600 or more for any calendar year on one or more qualified education logins, shall make the return described in subsection (b) with respect to the individual at such time as the Secretary may by regulations prescribe.". 26 USC 6724. (3) Subparagraph (A) of section 201(c)(2) of the 1997 Act is amended to read as follows: " (A) Subparagraph (B) of section 6724(d)(1) (relating to definitions) is amended by redesignating clauses (sg through (xv) as clauses (xi) through (xvi), respectively, and by inserting after clause (ix) the following new clause: "*(x) section 6050S (relating to returns relating to payments for qualified tuition and related expenses),'". (b) AMENDMENTS RELATED TO SECTION 202 OF 1997 ACT. — (1) Paragraph (1) of section 221(e) of the 1986 Code is amended by inserting "by the taxpayer solely" after "incurred" the first place it appears.
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