S. 250 (111th): Higher Education Opportunity Act of 2009

Introduced:
Jan 14, 2009 (111th Congress, 2009–2010)
Sponsor:
Sen. Charles Schumer [D-NY]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on January 14, 2009, in a previous session of Congress, but was not enacted.

Progress
Introduced Jan 14, 2009
Referred to Committee Jan 14, 2009
Cosponsors
14 cosponsors (13D, 1I) (show)
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to amend the Internal Revenue Code of 1986 to provide a higher education opportunity credit in place of existing education tax incentives.

Summary

No summaries available.

Text

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Last updated Jan 14, 2009.
14 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/14/2009--Introduced.
Higher Education Opportunity Act of 2009 - Amends the Internal Revenue Code to replace the hope scholarship and lifetime learning tax credits with a higher education opportunity tax credit.
Allows a higher education opportunity tax credit for the lesser of:
(1) the sum of 100% of qualified tuition and related expenses (including a certain allowance for books) up to $2,000, 50% for such expenses between $2,000 and $4,000, and 25% of such expenses between $4,000 and $8,000; or
(2) the excess (if any) of $16,000 over aggregate credits from prior taxable years.
Reduces credit amounts for taxpayers with modified adjusted gross incomes over $70,000 ($140,000 in the case of a joint return).
Limits such credit to three eligible students per taxpayer in any taxable year.
Denies such tax credit to certain part time students and students convicted of a felony drug offense.
Repeals the tax deduction for qualified tuition and related expenses.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Other Citations

  • 10 U.S.C. Chapter 1606