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S. 835

BillFederalSenateIn Committee
American Opportunity Tax Credit Permanence and Consolidation Act of 2013
About This Bill
Committee
Latest Action · April 25, 2013
Read twice and referred to the Committee on Finance.
Introduced
April 25, 2013
Cosponsors (7)
7D 0R
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Summary

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American Opportunity Tax Credit Permanence and Consolidation Act of 2013 - Amends the Internal Revenue Code to replace the Hope Scholarship and Lifetime Learning tax credits with a new American Opportunity Tax Credit that: (1) allows an income tax credit of up to $3,000 of the qualified tuition and related expenses of a student who is carrying at least one half of a normal course load, (2) increases the income threshold for reductions in the credit amount based upon modified adjusted gross income, (3) allows a lifetime dollar limitation on such credit of $15,000 for all taxable years, and (4) makes 40% of the credit refundable. Allows an exclusion from gross income of any amount received as a Federal Pell Grant.

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