US Congress House Bill 5383 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on June 3 2016 - 25% progression, died in committee
Action: 2016-06-03 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Middle Class College Tuition Tax Credit Expansion Act of 2016 This bill amends the Internal Revenue Code to replace the Hope Scholarship and Lifetime Learning tax credits with a new American Opportunity Tax Credit that: allows an increased income tax credit for the qualified tuition and related expenses of a student who is carrying at least one half of a normal course load, increases the income threshold for reductions in the credit amount based upon modified adjusted gross income, allows a lifetime dollar limitation on such credit of $25,000 for all taxable years, prohibits taxpayers who have fraudulently or recklessly claimed the credit from receiving the credit during a specified disallowance period, and makes 50% of the credit refundable. The bill also allows an exclusion from gross income of any amount received as a Federal Pell Grant.

Middle Class College Tuition Tax Credit Expansion Act of 2016

Rep. Steve Israel [D-NY]

Date	Chamber	Action
2016-06-03	House	Referred to the House Committee on Ways and Means.
2016-06-03	House	Introduced in House

HB1260 (Related) 2015-03-04 - Referred to the House Committee on Ways and Means.
SB699 (Related) 2015-03-10 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/5383/all-info
Text	https://www.congress.gov/114/bills/hr5383/BILLS-114hr5383ih.pdf