S. 3267 (112th): American Opportunity Tax Credit Permanence and Consolidation Act of 2012

Introduced:
Jun 06, 2012 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Charles “Chuck” Schumer
Senior Senator from New York
Party
Democrat
Text
Read Text »
Last Updated
Jun 06, 2012
Length
16 pages
Related Bills
S. 835 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Apr 25, 2013

H.R. 6522 (Related)
Middle Class College Tuition Tax Credit Expansion Act of 2012

Referred to Committee
Last Action: Sep 21, 2012

 
Status

This bill was introduced on June 6, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Jun 06, 2012
Referred to Committee Jun 06, 2012
 
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

No summaries available.

Cosponsors
3 cosponsors (3D) (show)
Committees

Senate Finance

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

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.


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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