S 699 114th Congress Senate Taxation Computers and information technology Educational technology and distance education Higher education Income tax credits Income tax exclusion Student aid and college costs

American Opportunity Tax Credit Permanence and Consolidation Act of 2015

Introduced: March 10, 2015 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 10, 2015

Read twice and referred to the Committee on Finance.

Mar 10, 2015

Introduced in Senate

Plain-English summary Congressional Research Service

American Opportunity Tax Credit Permanence and Consolidation 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 $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) imposes a lifetime dollar limitation on such credit of $15,000 for all taxable years, and (4) makes a portion of the credit refundable. Allows an exclusion from gross income of any amount received as a Federal Pell Grant.

What's happening now March 10, 2015

Read twice and referred to the Committee on Finance.

Committees of jurisdiction 1