S.97 - Federal Government - A bill to amend the Internal Revenue Code of 1986 to replace the Hope and Lifetime Learning credits with a partially refundable college opportunity credit.

College Opportunity Tax Credit Act of 2007 - Amends the Internal Revenue Code to replace the Hope Scholarship and Lifetime Learning Tax Credits with an increased, partially refundable college opportunity tax credit to cover up to four years (currently, limited to two years) of the tuition and related expenses of full or part-time postsecondary and graduate students.