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Higher Ed in the News

Obama promotes renewed education tax credit

October 13, 2010

The American Opportunity Tax Credit expires in 2010, but President Obama has proposed making it permanent, at a cost of $58-billion over 10 years.

According to a Department of Treasury report, 4.5 million students and families received tax refunds averaging $800 in 2009, thanks to the Opportunity tax credit. In all, some 12.5 million students and families received a higher-education tax benefit.

The report comes as lawmakers are debating a bill to extend several expiring tax credits. Recent versions of the bill would not extend the American Opportunity Tax Credit, but President Obama hopes lawmakers will reconsider.

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Read more from the Chronicle of Higher Education.