American Opportunity Tax Credit Permanence and Consolidation Act of 2012

Summary

American Opportunity Tax Credit Permanence and Consolidation Act of 2012 - 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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Timeline

1. 6 June 2012

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 6 June 2012

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 6 June 2012 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 6 June 2012

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 6 June 2012

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 6 June 2012

  Open at official source

Sponsors

• Charles Schumer · D · Sponsor
• Sen. Kerry, John F. [D-MA] · D · Sponsor
• Sen. Menendez, Robert [D-NJ] · D · Sponsor
• Sen. Stabenow, Debbie [D-MI] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Middle Class College Tuition Tax Credit Expansion Act of 2012