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One other good aspect of the Hope Scholarship is that the tax credit is partially refundable. If the taxpayer does not have sufficient tax liability to fully offset the tax credit, up to 40% of the amount of the tax credit may be refunded to the taxpayer.
Something that is a tax deduction canât be a tax credit, so you never really have a choice in the matter! If youâre starting to think that tax deductions are bad, because they only reduce your income, and tax credits are always better, there are some cases where itâs a little better if something is a tax deduction.ax Credit: Hope Credit. Letâs compare the mortgage interest deduction to the Hope credit. The Hope credit is an education credit that allows you to claim 100% of the first $1,2000 of qualified education expenses and 50% of the next $1,200, for a total of $1,800.