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Committee on Education and LaborCommittee on Ways and MeansIntroducedOctober 30th, 2013
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College Affordability Act of 2013
To amend the Internal Revenue Code of 1986 to consolidate, with modifications, the Hope Scholarship Credit, the Lifetime Learning Credit, and the American Opportunity Tax Credit, and for other purposes.
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.