HR 1260
114th Congress
House
Taxation
Higher education
Income tax credits
Income tax exclusion
Inflation and prices
Student aid and college costs
American Opportunity Tax Credit Act of 2015
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 4, 2015
Referred to the House Committee on Ways and Means.
Mar 4, 2015
Introduced in House
Plain-English summary
American Opportunity Tax Credit Act of 2015
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 $2,500 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 a portion of such credit refundable. Allows an exclusion from gross income of any amount received as a Federal Pell Grant.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1