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

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

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

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Last Action: Sep 21, 2012


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

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.


No summaries available.

3 cosponsors (3D) (show)

Senate Finance

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Primary Source

THOMAS.gov (The Library of Congress)

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S. stands for Senate bill.

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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.

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

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No summary available.

House Democratic Caucus Summary

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