New Developments for Education Tax Credits

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On July 24, 2014, the U.S. House of Representatives approved the Student and Family Tax Simplification Act, “designed to make it easier and simpler for families to afford the costs of higher education by consolidating four separate tax provisions into one improved and more robust education tax benefit.” The Hope Credit, American Opportunity Tax Credit, the Lifetime Learning Credit and the Tuition Deduction are now the new American Opportunity Tax Credit.

The new expanded American Opportunity Tax Credit (AOTC) includes the following provisions:

  • Eligibility – Similar to the existing AOTC (set to expire at the end of 2017), the expanded credit …read more

    Read more here:: Government Contracting

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