Middle Class Opportunity Act of 2007

Summary

Middle Class Opportunity Act of 2007 - Amends the Internal Revenue Code to: (1) increase the child tax credit for the first year in which a child is claimed as a qualifying child; (2) expand eligibility for the dependent care tax credit and allow such credit for expenses to care for parents (and ancestors of such parents) not residing with the taxpayer; and (3) provide for an increased alternative minimum tax exemption amount through 2008 Replaces the Hope and Lifetime Learning tax credits with an expanded education tax credit which provides for a 100% education tax credit for qualified tuition and related expenses (including a certain allowance for books) up to $1,000, 50% for such expenses between $1,000 and $3,000, and 20% of such expense between 3,000 and $5,500. Reduces credit amounts for taxpayers with modified adjusted gross incomes over $70,000 ($140,000 in the case of a joint tax return). Allows an inflation adjustment to credit amounts beginning after 2008. Limits such credit to three eligible students per taxpayer in any taxable year and for four taxable years. Denies such credit for certain part-time students and for students convicted of a felony drug offense. Repeals the tax deduction for qualified tuition and related expenses.

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Timeline

1. 15 February 2007

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 15 February 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 15 February 2007 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 15 February 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 15 February 2007

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 15 February 2007

  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

• Sen. Schumer, Charles E. [D-NY] · D · Sponsor
• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Sen. Casey, Robert P., Jr. [D-PA] · D · Sponsor
• Sen. Klobuchar, Amy [D-MN] · D · Sponsor
• Sen. McCaskill, Claire [D-MO] · D · Sponsor
• Sen. Tester, Jon [D-MT] · D · Sponsor
• Sen. Whitehouse, Sheldon [D-RI] · D · Sponsor
• Sen. Boxer, Barbara [D-CA] · D · Sponsor
• Sen. Nelson, Ben [D-NE] · D · Sponsor
• Sen. Stabenow, Debbie [D-MI] · D · Cosponsor
• Sen. Bayh, Evan [D-IN] · D · Cosponsor
• Sen. Johnson, Tim [D-SD] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Middle Class Opportunity Act of 2007
• related to ← Higher Education Opportunity Act of 2007
• related to ← Higher Education Opportunity Act of 2008