S.835 - American Opportunity Tax Credit Permanence and Consolidation Act of 2013

A bill 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: A bill 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 Permanence and Consolidation Act of 2013 as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
04/25/13
 
 
 
 
 
 
 

Sponsor

Senator

Charles Schumer

D-NY

View Co-Sponsors (7)

Official Summary

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 tui

Official Summary

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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