HR.3437 - College Affordability Act Of 2013

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10/30/2013--Introduced. College Affordability Act of 2013 - Amends the Internal Revenue Code to replace the Hope Scholarship and Lifetime Learning tax credits with a new American Opportunity Tax Credit that allows: (1) a 100% income tax credit, up to $2,500 in a taxable year, of the qualified tuition and related expenses (i.e., tuition, fees, and course materials) of a student at an institution of higher education who is carrying at least one half of a normal full-time work load; (2) a life-time aggregate credit amount of up to $10,000; and (3) refundability of a portion of such credit. Denies such credit to students who are convicted of a federal or state felony offense involving the possession or distribution of a controlled substance. Allows an exclusion from gross income of any amount received as a Federal Pell Grant. Establishes programs for: (1) periodic payments to students as qualified expenses are incurred during the taxable year, and (2) informing the public of the availability of the American Opportunity Tax Credit.

Referred To House Education And The Workforce
October 30th 2013 @ 12:00 AM

Referred To House Ways And Means
October 30th 2013 @ 12:00 AM

Referred To The Committee On Ways And Means, And In Addition To The Committee On Education And The Workforce, For A Period To Be Subsequently Determined By The Speaker, In Each Case For Consideration Of Such Provisions As Fall Within The Jurisdiction Of The Committee Concerned.
October 30th 2013 @ 12:00 AM

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