AOTC Paraphrasing

The American Opportunity Tax Credit helped soften the blow of college tuition for more than 12 million students last year, but it’s due to expire at the end of this year unless President Barack Obama gets his way.
To remind Congress of the importance of extending the credit, top government advisers spoke to reporters Tuesday about why they believe the break is worth keeping around.
“[Obama] believes that it is important for this to be extended and for families to have the certainty and confidence that this [credit] will be there when they are making the choices about sending their children to college,” said Gene Sperling, counselor to the Treasury Secretary.
The tax break, introduced under the government’s 2009 Recovery Act and applicable to 2009 or 2010 college tuition, expands the existing Hope Credit to include more lower- and higher-income Americans.
Unlike the Hope Credit, the AOTC is also partially refundable and covers more of the expenses associated with sending a child to college, such as textbooks and computers. It is available for the first four years of post-secondary education, up from two years under the Hope Credit.
More money is also doled out to students and parents under the AOTC. Students from families with incomes of $80,000 or less qualify for a credit of up to $2,500 a year, an increase of $700 from the previous Hope Credit.

The American Opportunity Tax Credit helped over 12 million college students pay for their tuition. But the tax credit is about to expire.“[Obama] believes that it is important for this to be extended and for families to have the certainty and confidence that this [credit] will be there when they are making the choices about sending their children to college,” s ays Gene Spering The AOTC is refundable and covers expenses like textbooks and computers. The tax credit is availableĀ  for the first four years of secondary education. Students whose families earn $80,000 or less can credit up to $2,500, which isĀ  $700 more the the previous credit.

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