Obama to Congress: Extend American Opportunity tax credit

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by on November 16, 2010 at 2:27 pm

“[Obama] believes that it is important for this to be extended and for families to have the certainty and confidence that this [credit] will be there when they are making the choices about sending their children to college,” said Gene Sperling, Counselor to the Treasury Secretary.

The tax break, introduced under the government’s 2009 Recovery Act and applicable to 2009 or 2010 college tuition, expands the existing Hope Credit to include more lower- and higher-income Americans.

Unlike the Hope Credit, the AOTC is also partially refundable and covers more of the expenses associated with sending a child to college, like textbooks and computers. It is available for the first four years of post-secondary education, up from two years under the Hope Credit.

via Obama to Congress: Extend American Opportunity tax credit – Oct. 13, 2010.

in IRS Updates

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