H.R. 5383 · 114th Congress
Middle Class College Tuition Tax Credit Expansion Act of 2016
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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Middle Class College Tuition Tax Credit Expansion Act of 2016
What it does: CRS summary · Introduced in House · Jun 3, 2016
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Middle Class College Tuition Tax Credit Expansion Act of 2016
Latest action (Jun 3, 2016): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jun 3, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.