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On January 6, 2009, Congressman Chaka Fattah introduced H.R.106, The American Opportunity Tax Credit Act of 2009. [3] In brief, the proposed act specified Any full-time college or university student is eligible. According to the IRS, the American Opportunity Credit cannot be taken by a taxpayer if he has a felony drug conviction.
This credit allows for a 20% non-refundable tax credit for first $10,000 of qualified tuition and expenses to be fully creditable against the taxpayer's total tax liability. The maximum amount of the credit is $2000 per household. [1] The credit is available for net tuition and fees (less grant aid) paid for post-secondary enrollment.
Starting with tax year 2009, the Hope credit had been supplanted by the more generous American Opportunity Tax Credit. This credit allows for the first $1,200 in "qualified tuition and related expenses," as well as half of qualifying expenses between $1,200 and $2,400, to be fully creditable against the taxpayer's total tax liability.
The IRS reported on Thursday that nearly 1 million taxpayers never filed a 2009 return, leaving a total of $917 million in tax refunds unclaimed. ... miss out on is the Earned Income Tax Credit ...
The first-time homebuyer credit is a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008. For homes purchased in 2008, the credit operates like an interest ...
If it seems like tax laws are changing every time you time around, it's not your imagination. Over the past eight years, changes to the Tax Code have been made at a rate of more than one a day.
$15 billion: Expansion of child tax credit: A $1,000 credit to more families (even those that do not make enough money to pay income taxes). $14 billion: Expanded college credit to provide a $2,500 expanded tax credit for college tuition and related expenses for 2009 and 2010. The credit is phased out for couples making more than $160,000.
A tax credit is a tax incentive which allows certain taxpayers to ... The Lifetime Learning Credit [24] ... The AOTC replaced the Hope Scholarship credit for Tax ...