Thursday, January 29, 2009

Potential Student Tax Break

Students who do not pay income taxes may soon become eligible for the Hope tax credit for tuition. According to a January 28, 2009 Chronicle of Higher Education article, the United States House of Representatives is prepared to pass bill that would grant students who do not pay taxes a refund worth up to $1,000. The bill will also increase the maximum tax credit from $1,800 to $2,500 and include the cost of textbooks and other school related expenses.

The amendments to the Hope Tax Credit are contained within the proposed American Recovery and Reinvestment Act 0f 2009, H.R. 1. The progress of this bill can be tracked through Thomas (Library of Congress.)

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