GovTrack’s Bill Summary
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S. 3267 (112th): American Opportunity Tax Credit Permanence and Consolidation Act of 2012
- Introduced:
- Jun 06, 2012 (112th Congress, 2011–2013)
- Sponsor:
- Sen. Charles Schumer [D-NY]
- Status:
- Died (Referred to Committee)
- See Instead:
- This bill was re-introduced as S. 835 on Apr 25, 2013. See S. 835 for current action on this subject.
The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.
- Full Title
A bill to amend the Internal Revenue Code of 1986 to extend and modify the American Opportunity Tax Credit, and for other purposes.
- Summary
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No summaries available.
- Text
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Last updated Jun 06, 2012.
16 pages
- Primary Source
-
View on THOMAS (The Library of Congress)
GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here.
- Citation
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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.
6/6/2012--Introduced.
American Opportunity Tax Credit Permanence and Consolidation Act of 2012 - 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) allows a lifetime dollar limitation on such credit of $15,000 for all taxable years, and
(4) makes 40% of the credit refundable.
Allows an exclusion from gross income of any amount received as a Federal Pell Grant.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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