Tuition Tax Credits And Alternatives
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Tuition Tax Credits And Alternatives
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Author : American Enterprise Institute for Public Policy Research
language : en
Publisher: American Enterprise Institute Press
Release Date : 1978
Tuition Tax Credits And Alternatives written by American Enterprise Institute for Public Policy Research and has been published by American Enterprise Institute Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with Education categories.
Tax Treatment Of Tuition Expenses
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Author : United States. Congress. House. Committee on Ways and Means
language : en
Publisher:
Release Date : 1978
Tax Treatment Of Tuition Expenses written by United States. Congress. House. Committee on Ways and Means and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with Federal aid to education categories.
Neovouchers
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Author : Kevin G. Welner
language : en
Publisher: Rowman & Littlefield Publishers
Release Date : 2008-09-29
Neovouchers written by Kevin G. Welner and has been published by Rowman & Littlefield Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-09-29 with Education categories.
While school vouchers have captured the headlines, a different policy has captured the students. Tuition tax credit laws are now entrenched in Arizona, Florida, Pennsylvania, Rhode Island, Iowa, and Georgia, and they affect far more students. Yet few people understand the nature of these policies or the political and legal issues surrounding them. This book provides a comprehensive analysis of the structure, legality, and policy implications of tuition tax credits, which have garnered only scant attention even while expanding to cover more students than the voucher policies they're designed to emulate. At a time when tax credit policies are becoming a major form of American school choice, this book offers insights into both the strengths and weakness ofthe approach.
Tax Treatment Of Tuition Expenses
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Author : United States. Congress. House. Committee on Ways and Means
language : en
Publisher:
Release Date : 1978
Tax Treatment Of Tuition Expenses written by United States. Congress. House. Committee on Ways and Means and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with Federal aid to education categories.
The American Opportunity Tax Credit
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Author : Margot Crandall-Hollick
language : en
Publisher: Createspace Independent Publishing Platform
Release Date : 2012-07-28
The American Opportunity Tax Credit written by Margot Crandall-Hollick and has been published by Createspace Independent Publishing Platform this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-28 with Political Science categories.
The American Opportunity Tax Credit (AOTC)-enacted on a temporary basis by the American Recovery and Reinvestment Act (ARRA; P.L. 111-5) and extended through the end of 2012 by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (P.L. 111-312)-is a partially refundable tax credit that provides financial assistance to taxpayers who are attending college, or whose children are attending college. The credit, worth up to $2,500 per student, can be claimed for a student's first four years of post-secondary education. In addition, 40% of the credit (up to $1,000) can be received as a refund by taxpayers with little or no tax liability. The credit phases out for taxpayers with income between $80,000 and $90,000 ($160,000 and $180,000 for married couples filing jointly) and is hence unavailable to taxpayers with income above $90,000 ($180,000 for married couples filing jointly). There are a variety of other eligibility requirements associated with the AOTC, including the type of degree the student is pursuing, the number of courses the student is taking, and the type of expenses which qualify. Prior to the enactment of the AOTC, there were two permanent education tax credits, the Hope Credit and the Lifetime Learning Credit. The AOTC temporarily replaced the Hope Credit from 2009 through the end of 2012 (the Lifetime Learning Credit remains unchanged). A comparison of these two credits indicates that the AOTC is both larger-on a per capita and aggregate basis-and more widely available in comparison to the Hope Credit. Data from the Internal Revenue Service (IRS) indicates that enactment of the AOTC contributed to a more than doubling of the amount of education credits claimed by taxpayers. Education tax credits were intended to provide federal financial assistance to students from middle-income families, who may not benefit from other forms of traditional student aid, like Pell Grants. The enactment of the AOTC reflected a desire to continue to provide substantial financial assistance to students from middle-income families, while also expanding the credit to certain lower- and upper-income students. A distributional analysis of the AOTC highlights that this benefit is targeted to the middle class, with more than half (53%) of the estimated $16 billion of AOTCs in 2009 going to taxpayers with income between $30,000 and $100,000. One of the primary goals of education tax credits, including the AOTC, is to increase college attendance. Studies analyzing the impact education tax incentives have had on college attendance are mixed. Recent research that has focused broadly on education tax incentives that lower tuition costs and have been in effect for several years, including the Hope and Lifetime Learning Credits, found that while these credits did increase attendance by approximately 7%, 93% of recipients of these benefits would have attended college in their absence. Even though the AOTC differs from the Hope Credit in key ways, there are a variety of factors that suggest this provision may also have a limited impact on increasing college attendance. In addition, a recent report from the Treasury Department's Inspector General for Tax Administration (TIGTA) identified several compliance issues with the AOTC. There are a variety of policy options Congress may consider regarding the AOTC, including extending the credit, extending a modified AOTC, or repealing the Hope and Lifetime Credits and extending a modified AOTC that includes provisions included in these credits. Alternatively, Congress may want to examine alternative ways to reduce the cost of higher education.
Higher Education Tax Credits
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Author : Linda W. Cooke
language : en
Publisher: Nova Novinka
Release Date : 2006
Higher Education Tax Credits written by Linda W. Cooke and has been published by Nova Novinka this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
Education tax credits were introduced as a new subsidy for higher education in 1997 and have cost, on average, $4.6 billion a year in lost tax revenue since their enactment. The introduction of the Hope Credit and the Lifetime Learning Credit marked a dramatic increase in education spending through tax expenditures. Prior to 1997, tax incentives for higher education expenses totalled less than $2 billion in estimated lost revenue. The education tax credit program expanded the number of federal agencies involved in education policy making and increased the complexity and cost of administering the income tax system. This book provides analysis of the education tax credit program in the context of issues facing Congress in regard to higher education. This report begins with a review of the economic rationale for subsidising education, then describes federal subsidies for education in general and the education tax credits in particular. An analysis of the education credits follows and the report concludes with a discussion of education tax credit policy options. The Taxpayer Relief Act of 1997 established two permanent federal income tax credits, effective since tax year 1998, for qualified post secondary education expenses -- the Hope Scholarship credit and the Lifetime Learning credit. The Economic Growth and Tax Relief Reconciliation Act of 2001 created a temporary higher education tax deduction beginning in 2002. The Hope credit was introduced to help ensure that students have access to the first two years of undergraduate education. The Lifetime Learning credit and tuition and fees deduction provide support for students in any year of undergraduate and graduate study; they are unique in that they are available to individuals taking occasional courses. Only one of the three tax benefits may be taken in the same tax year for the same eligible student's qualified expenses. Key features of the credits and deduction dictate who the provisions benefit and the value of assistance they confer. Among these are the non-refundable nature of the credits (i.e., persons must have income tax liabilities and the liabilities must exceed the maximum amount of the credits in order to claim their full value), the deduction's availability whether or not taxpayers take itemised deductions, and the statutory limits on benefit amounts and on taxpayers' income. Accordingly, middle-and upper middle-income individuals are the targeted beneficiaries of these tax incentives. All three benefits apply to the tuition and fees required for enrolment that are not offset by grant aid (e.g. qualified scholarships) and other tax benefits (e.g. Coverdell Education Savings Accounts and Section 529 Plans). The Hope credit has had a maximum value of $1,500 per student since its inception; the Lifetime Learning credit, $2,000 per return since 2003.
Tuition Tax Credits
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Author : James S. Catterall
language : en
Publisher:
Release Date : 1982
Tuition Tax Credits written by James S. Catterall and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with Education categories.
The Future Under Tuition Tax Credits
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Author : Nathan Glazer
language : en
Publisher:
Release Date : 1982
The Future Under Tuition Tax Credits written by Nathan Glazer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with Education categories.
Tuition Tax Credit 1983
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Author : United States. Congress. Senate. Committee on Finance
language : en
Publisher:
Release Date : 1983
Tuition Tax Credit 1983 written by United States. Congress. Senate. Committee on Finance and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Tuition tax credits categories.
Tuition Tax Credits For Private Education
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Author : Donald E. Frey
language : en
Publisher:
Release Date : 1983-01-01
Tuition Tax Credits For Private Education written by Donald E. Frey and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983-01-01 with categories.