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S. 835

American Opportunity Tax Credit Permanence and Consolidation Act of 2013

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.

Read twice and referred to the Committee on Finance.

Sen. Schumer, Charles E. [D-NY](D-NY)Sponsor
7 cosponsors7 D
7cosponsors1committees2actions7related bills4subjects
  • Introduced in SenateApr 25, 2013
  1. IntroReferral

    Read twice and referred to the Committee on Finance.

  2. IntroReferral10000

    Introduced in Senate

American Opportunity Tax Credit Permanence and Consolidation Act of 2013 — Informed