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S.250 - Higher Education Opportunity Act of 2009

A bill to amend the Internal Revenue Code of 1986 to provide a higher education opportunity credit in place of existing education tax incentives. view all titles (2)

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to provide a higher education opportunity credit in place of existing education tax incentives. as introduced.
  • Short: Higher Education Opportunity Act of 2009 as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
01/14/09
 
 
 
 
 
 
 

Official Summary

Higher Education Opportunity Act of 2009 - Amends the Internal Revenue Code to replace the hope scholarship and lifetime learning tax credits with a higher education opportunity tax credit.Allows a higher education opportunity tax credit for the lesser of: (1) the sum of 100% of qualified t

Official Summary

Higher Education Opportunity Act of 2009 - Amends the Internal Revenue Code to replace the hope scholarship and lifetime learning tax credits with a higher education opportunity tax credit.Allows a higher education opportunity tax credit for the lesser of:
(1) the sum of 100% of qualified tuition and related expenses (including a certain allowance for books) up to $2,000, 50% for such expenses between $2,000 and $4,000, and 25% of such expenses between $4,000 and $8,000; or
(2) the excess (if any) of $16,000 over aggregate credits from prior taxable years. Reduces credit amounts for taxpayers with modified adjusted gross incomes over $70,000 ($140,000 in the case of a joint return). Limits such credit to three eligible students per taxpayer in any taxable year. Denies such tax credit to certain part time students and students convicted of a felony drug offense.Repeals the tax deduction for qualified tuition and related expenses.

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