Gulf Opportunity Zone Tax Credit

What is the definition of qualified education expenses for Gulf Opportunity Zone or GOZ?

The definition of qualified education expenses for Gulf Opportunity Zone or GOZ students has been expanded to include:

• books

• supplies

• equipment required for enrollment or attendance at an eligible institution.

Gulf Opportunity Zone education credit threshold limit amounts

For students who are enrolled at least half time, the reasonable cost of room and board are also qualified expenses. Room and board expenses are limited to the greater of the following two amounts.

• the allowance for room and board included in the attendance cost for a particular academic period and living arrangement or the student

• actual amount charged if the student is residing in housing owned or operated by the institution.

Expenses not qualified

Fees and costs of personal, living, or family expenses are not qualified expenses. Nonqualified expenses include payments for room and board (except GOZ students), athletics (unless part of a degree program), student activity fees not required as a condition of attendance, medical expenses, insurance and transportation.