College Affordability Act of 2013

Summary

College Affordability 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 allows: (1) a 100% income tax credit, up to $2,500 in a taxable year, of the qualified tuition and related expenses (i.e., tuition, fees, and course materials) of a student at an institution of higher education who is carrying at least one half of a normal full-time work load; (2) a life-time aggregate credit amount of up to $10,000; and (3) refundability of a portion of such credit. Denies such credit to students who are convicted of a federal or state felony offense involving the possession or distribution of a controlled substance. Allows an exclusion from gross income of any amount received as a Federal Pell Grant. Establishes programs for: (1) periodic payments to students as qualified expenses are incurred during the taxable year, and (2) informing the public of the availability of the American Opportunity Tax Credit.

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Timeline

1. 30 October 2013

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

2. 30 October 2013

   Introduced

   Introduced in House

   Source: IntroReferral

3. 30 October 2013

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 30 October 2013 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 30 October 2013

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 30 October 2013

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 30 October 2013

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Schwartz, Allyson Y. [D-PA-13] · D · Sponsor
• · hsed00 · Standing
• · hswm00 · Standing

Related records

• related to → American Opportunity Tax Credit Act of 2013
• related to → Higher Education and Skills Obtainment Act
• related to ← To amend the Internal Revenue Code of 1986 to consolidate certain tax benefits for educational expenses, to amend the Internal Revenue Code of 1986 to make improvements to the child tax credit, and for other purposes.
• related to ← Middle Class College Tuition Tax Credit Expansion Act
• related to ← American Opportunity Tax Credit Permanence and Consolidation Act of 2013
• related to ← Higher Education and Skills Obtainment Act