American Opportunity Tax Credit: Overview, Analysis, and Policy Options

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By Margot L. Crandall-Hollick (au)
Year: 2012
Pages: 24
Binding Paperback
ISBN 978-1-4578-3420-2

Product Code: 1457834200

Description

The Am.Opportunity Tax Credit (AOTC) äóî enacted on a temporary basis by the Am. Recovery and Reinvestment Act (ARRA; P.L. 111-5) and extended through the end of 2012 by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (P.L. 111-312) äóî is a partially refundable tax credit that provides financial assistance to taxpayers who are attending college, or whose children are attending college. The credit, worth up to $2,500 per student, can be claimed for a studentäó»s first four years of post-secondary education. In addition, 40% of the credit (up to $1,000) can be received as a refund by taxpayers with little or no tax liability. The credit phases out for taxpayers with income between $80,000 and $90,000 ($160,000 and $180,000 for married couples filing jointly) and is hence unavailable to taxpayers with income above $90,000 ($180,000 for married couples filing jointly). One of the primary goals of education tax credits, including the AOTC, is to increase college attendance. Contents of this report: Introduction; Current Law; Legislative History; Analysis; Policy Options. Figures and tables. This is a print on demand report.

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