American Opportunity Tax Credit Permanence and Consolidation Act of 2013

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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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 April 2013

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 April 2013

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• Introduced in Senate

  summary · EN · 25 April 2013

  Open at official source

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