US Congress Senate Bill 3267 (Prior Session Legislation)

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June 6 2012 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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.

American Opportunity Tax Credit Permanence and Consolidation Act of 2012

Sen Schumer, Charles E.

Sen Kerry, John F.

Sen Menendez, Robert

Sen Stabenow, Debbie

Date	Chamber	Action
2012-06-06	Senate	Read twice and referred to the Committee on Finance.

HB6522 (Related) 2012-09-21 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	http://thomas.loc.gov/cgi-bin/bdquery/z?d112:SN03267:@@@L&summ2=m&
Text	http://gpo.gov/fdsys/pkg/BILLS-112s3267is/pdf/BILLS-112s3267is.pdf