H.R.1738 - American Opportunity Tax Credit Act of 2013

To amend the Internal Revenue Code of 1986 to extend and modify the American Opportunity Tax Credit, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to extend and modify the American Opportunity Tax Credit, and for other purposes. as introduced.
  • Short: American Opportunity Tax Credit Act of 2013 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
04/25/13
 
 
 
 
 
 
 

Sponsor

Representative

Lloyd Doggett

D-TX

View Co-Sponsors (112)

Official Summary

American Opportunity Tax Credit 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 $2,500 of the qualified tuition and related expenses of

Official Summary

American Opportunity Tax Credit 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 $2,500 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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