3.0.0 5383 2023-01-11T13:32:50Z 2023-01-11T13:32:50Z House HR 2016-06-03 114 [Congressional Record Volume 162, Number 87 (Friday, June 3, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. ISRAEL:H.R. 5383.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the United States Constitution[Page H3462]]]> hswm00 Ways and Means Committee House Standing Referred to 2016-06-03T20:30:33Z American Opportunity Tax Credit Act of 2015 114 1260 HR 2015-03-04 Referred to the House Committee on Ways and Means. Related bill CRS American Opportunity Tax Credit Permanence and Consolidation Act of 2015 114 699 S 2015-03-10 Read twice and referred to the Committee on Finance. Related bill CRS 2016-06-03 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2016-06-03 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-06-03 Introduced in House IntroReferral 1000 9 Library of Congress I000057 Rep. Israel, Steve [D-NY-3] STEVE ISRAEL D NY 3 N Taxation Educational technology and distance education Higher education Income tax credits Income tax exclusion Student aid and college costs Taxation 00 2016-06-03 Introduced in House 2016-08-31T13:19:24Z Middle Class College Tuition Tax Credit Expansion Act of 2016

This bill amends the Internal Revenue Code to replace the Hope Scholarship and Lifetime Learning tax credits with a new American Opportunity Tax Credit that:

  • allows an increased income tax credit for the qualified tuition and related expenses of a student who is carrying at least one half of a normal course load,
  • increases the income threshold for reductions in the credit amount based upon modified adjusted gross income,
  • allows a lifetime dollar limitation on such credit of $25,000 for all taxable years,
  • prohibits taxpayers who have fraudulently or recklessly claimed the credit from receiving the credit during a specified disallowance period, and
  • makes 50% of the credit refundable.

The bill also allows an exclusion from gross income of any amount received as a Federal Pell Grant.

]]> Middle Class College Tuition Tax Credit Expansion Act of 2016 Display Title Middle Class College Tuition Tax Credit Expansion Act of 2016 Official Title as Introduced To amend the Internal Revenue Code of 1986 to extend and modify the American Opportunity Tax Credit, and for other purposes. Introduced in House IH Short Titles as Introduced Middle Class College Tuition Tax Credit Expansion Act of 2016 Introduced in House 2016-06-03T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr5383ih/xml/BILLS-114hr5383ih.xml 2016-06-03 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.