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September 2009 » From Hope to Opportunity
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Avril K. George-Robinson, CPA, and Paul S. Cox, CPA
The recently enacted American Recovery and Reinvestment Tax Act of 2009 (ARRTA; P.L. 111-5, section 1004) has provided an added incentive for individuals to attend and stay in college. ARRTA modified the Hope Scholarship credit that can be claimed for qualified tuition and related expenses. For 2009 and 2010, the modifications are called the American Opportunity Tax Credit. The provision temporarily increases the Hope credit for students from low- and middle-income families. The credit has increased from $1,800 (for 2008) to $2,500 per student for 2009 and 2010. Unlike a deduction, which reduces the amount of income subject to tax, a tax credit reduces the amount of tax a taxpayer has to pay.
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