US Congress Senate Bill 699 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 12-0)
Status: Introduced on March 10 2015 - 25% progression, died in committee
Action: 2015-03-10 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

American Opportunity Tax Credit Permanence and Consolidation Act of 2015 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) imposes a lifetime dollar limitation on such credit of $15,000 for all taxable years, and (4) makes a portion of the credit refundable. Allows an exclusion from gross income of any amount received as a Federal Pell Grant.

American Opportunity Tax Credit Permanence and Consolidation Act of 2015

Sen. Charles Schumer [D-NY]	Sen. Harry Reid [D-NV]	Sen. Ron Wyden [D-OR]	Sen. Sherrod Brown [D-OH]
Sen. Debbie Stabenow [D-MI]	Sen. Richard Durbin [D-IL]	Sen. Patty Murray [D-WA]	Sen. Sheldon Whitehouse [D-RI]
Sen. Benjamin Cardin [D-MD]	Sen. Jeanne Shaheen [D-NH]	Sen. Robert Menendez [D-NJ]	Sen. Robert Casey [D-PA]

Date	Chamber	Action
2015-03-10	Senate	Read twice and referred to the Committee on Finance.

HB1260 (Related) 2015-03-04 - Referred to the House Committee on Ways and Means.
HB5383 (Related) 2016-06-03 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/699/all-info
Text	https://www.congress.gov/114/bills/s699/BILLS-114s699is.pdf