,i #aad? ,,congress #b;d ,session ,h4 ,r4 #dhgb ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,m>* #bc1 #bjaf ,mr4 ,b5 ,ray ,lujn ( ,new ,mexico introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means1 & 9 addition to ! ,committee on ,education & ! ,work=ce1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to re=m ! ,am]ican opportunity tax cr$it to support college sav+s4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,save = ,success ,act4 #b4 ,am]ican opportunity tax cr$it sav+s cr$it 7a7 ,9 g5]al ,section #be;,a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by r$esignat+ subsection 7j7 z subsection 7k7 & by ins]t+ aft] subsection 7i7 ! foll[+3 7j7 ,special rules relat+ to ,,aotc sav+s cr$it 7#a7 ,9 g5]al ,= purposes ( ?is section1 ! t]m qualifi$ tuition & relat$ exp5ses ) respect to any individual includes eligible college sav+s contributions = su* individual4 ,su* contributions %all be tak5 into acc\nt = purposes ( subsection 7i77#a77;,a7 be=e tuition & fees4 7#b7 ,limitation 7,a7 ,9 g5]al ,! aggregate am\nt ( contributions ) respect to an individual :i* may be tak5 into acc\nt "u p>agraph 7#a7 = a taxable ye> is #bej4 7,b7 ,phase out ,! doll> am\nt 9 subp>agraph 7,a7 %all be r$uc$ 7b n bel[ z]o7 by ! am\nt :i* be>s ! same ratio to su* doll> am\nt z-- 7i7 ! numb] ( p]c5tage po9ts 7if any7 9 excess ( #acc p]c5t t ! taxpay]'s h\sehold income = ! taxable ye> is ( ! pov]ty l9e = a family ( ! size involv$1 be>s to 7ii7 #djj p]c5tage po9ts4 7#c7 ,t]ms relat+ to income & families ,! t]ms family size1 h\sehold income1 & pov]ty l9e %all h ! mean+s giv5 su* t]ms by section #cf;,b7d74 7#d7 ,eligible high] education contribution ,= purposes ( p>agraph 7#a71 ! t]m eligible college sav+s contribution ) respect to an individual means ! excess (-- 7,a7 contributions by ! taxpay] 9 ! taxable ye> to qualifi$ college sav+s acc\nts ( :i* ! individual is ! b5efici>y1 ov] 7,b7 di/ributions f all su* qualifi$ college sav+s acc\nts = ! taxable ye>4 7#e7 ,qualifi$ college sav+s acc\nts ,! t]m qualifi$ college sav+s acc\nt ) respect to :i* su* individual is ! b5efici>y means-- 7,a7 an acc\nt "u a qualifi$ tuition program 7z def9$ by section #ebi71 & 7,b7 an acc\nt "u a program ( a ,/ate 7or political jurisdiction !re(7 e/abli%$ exclusively = ! purpose ( pay+ = college tuition & o!r po/-second>y educational exp5ses4 7#f7 ,portion ( cr$it made refundable ,s mu* ( ! cr$it all[$ "u subsection 7a7 z is attributable to ?is subsection 7det]m9$ aft] ! application ( subsection 7i7 & )\t reg>d to ?is subsection & section #bf7;a77 %all be treat$ z a cr$it all[able "u subp>t ,c 7& n all[$ "u subsection 7a774 ,! prec$+ s5t5ce %all n apply to any taxpay] = any taxable ye> if su* taxpay] is a *ild to :om subsection 7g7 ( section #a applies = su* taxable ye>4 4 7b7 ,,aotc lifetime limitation ,section #be;,a7i77#b7 ( su* ,code is am5d$ to read z foll[s3 7#b7 ,limitation ,9 lieu ( subp>agraphs 7,a7 & 7,c7 ( subsection 7b77#b71 ! am\nt all[$ z a cr$it "u ?is section = ! taxable ye> ) respect to an individual %all n exce$-- 7,a7 #aj1jjj1 r$uc$ 7,b7 by ! am\nt all[$ "u ?is section ) respect to su* individual = all prior taxable ye>s4 4 7c7 ,pilot program ,to make p]iodic paym5ts z college exp5ses incurr$ ,section #be;,a7i7 ( su* ,code is am5d$ by add+ at ! end ! foll[+3 7#h7 ,pilot program to make p]iodic paym5ts z college exp5ses incurr$ 7,a7 ,9 g5]al ,! ,secret>y ( ! ,treasury & ! ,secret>y ( ,education %all jo9tly e/abli% a program design$ to make paym5ts p]iodically to or on behalf ( an eligible /ud5t z ! /ud5t incurs qualifi$ exp5ses dur+ ! taxable ye>4 ,! total am\nt t may be s paid to or on behalf ( an eligible /ud5t ?r\gh ?is program %all n exce$ ! cr$it :i* w\ld 7b = subp>agraph 7,b77 be all[able "u ?is section if subsection 7d7 7 appli$ by us+ ! taxpay]'s modifi$ adju/$ gross income = ! prec$+ taxable ye>4 7,b7 ,cr$it r$uc$ by pilot program paym5ts ,! cr$it all[able "u ?is section 7)\t reg>d to ?is subp>agraph7 = any taxable ye> %all be r$uc$ 7b n bel[ z]o7 by ! paym5ts made ) respect to a /ud5t "u subp>agraph 7,a7 = exp5ses :i* w\ld o!rwise be tak5 into acc\nt 9 det]m9+ ! cr$it "u ?is section = su* ye>4 7,c7 ,program p>ticipation ,p>ticipation 9 ! program e/abli%$ "u ?is p>agraph %all be volunt>y ) respect to bo? /ud5ts & educational in/itutions2 except t1 in/itutions :i* are taxable "u ?is *apt] 7o!r ?an by reason ( section #eaa7 may n p>ticipate 9 su* program4 7,d7 ,program p]iod ,! program e/abli%$ "u ?is p>agraph %all apply to exp5ses = academic p]iods beg9n+ dur+ ! #e-ye> p]iod :i* beg9s on ! date :i* is #a ye> aft] ! date ( ! enactm5t ( ?is p>agraph4 7,e7 ,paym5ts n treat$ z res\rces = f9ancial aid ,paym5ts made "u ?is p>agraph %all n be treat$ z res\rces = purposes ( det]m9+ ! am\nt ( any f9ancial aid :i* is fund$ 9 :ole or "p ) ,f$]al funds4 ,paym5ts "u ! program %all n be made 9 a mann] t w\ld r$uce ! ,/ate1 private1 or in/itutional aid available to an eligible /ud5t4 7,f7 ,notice ( program ,educational in/itutions p>ticipat+ 9 ! program e/abli%$ "u ?is p>agraph %all provide appropriate notices to p>5ts & /ud5ts ( ! option ( paym5ts "u su* program4 ,su* notices %all n be consid]$ tax advice = purposes ( any ,f$]al law or regulation4 7,g7 ,report+ ,! ,secret>y ( ! ,treasury & ! ,secret>y ( ,education %all jo9tly submit annual reports to ,congress on ! program e/abli%$ "u ?is subsection1 toge!r ) any recomm5dations ) respect to su* program4 4 7d7 ,con=m+ am5dm5t ,section #fbaa7;b77#d77;,a7 ( su* ,code is am5d$ by ins]t+ or 7j77#f7 aft] subsection 7i77#f74 7e7 ,increas$ public aw>5ess ( ,am]ican ,opportunity ,tax ,cr$it 7#a7 ,9 g5]al ,! ,secret>y ( ! ,treasury1 or ! ,secret>y's delegate1 9 consultation ) ! ,secret>y ( ,education1 %all e/abli% a taxpay] aw>5ess program to in=m ! taxpay+ public ( ! availability ( ! ,am]ican ,opportunity ,tax ,cr$it all[$ "u section #be;,a ( ! ,int]nal ,rev5ue ,code ( #aihf4 ,su* public aw>5ess program %all be design$ to assure t individuals :o may be eligible are in=m$ ( ! availability ( su* cr$it & fil+ proc$ures4 7#b7 ,means ( communications 7,a7 ,9 g5]al ,! ,secret>y ( ! ,treasury1 or ! ,secret>y's delegate1 9 consultation ) ! ,secret>y ( ,education1 %all use appropriate means ( communication to c>ry out ! provisions ( ?is section4 ,! taxpay] aw>5ess program %all include1 b n be limit$ to1 prom95t display ( in=mation ab\t ! availability ( ! ,am]ican ,opportunity ,tax ,cr$it on in=mation return =ms specifi$ by su* ,secret>y = use by educational in/itutions to report qualifi$ tuition & relat$ exp5ses incurr$4 7,b7 ,additional /eps ,9 addition1 ! ,secret>y ( ! ,treasury1 or ! ,secret>y's delegate1 9 consultation ) ! ,secret>y ( ,education1 %\ld-- 7i7 make /ud5ts aw>e ( ! ,am]ican ,opportunity ,tax ,cr$it ?r\gh ! data retrieval tool & ! /ud5t aid report ( ! ,dep>tm5t ( ,education1 7ii7 include in=mation on ! f9ancial aid %opp+ %eet1 7iii7 include ! ,am]ican ,opportunity ,tax ,cr$it 9 ! volunte] income tax assi/ance program1 & 7iv7 br+ aw>5ess ( ! ,am]ican ,opportunity ,tax ,cr$it 9 ! ,f$]al ,,trio ,programs 7commonly kn[n z 8,,trio07 "u *apt] #a ( subp>t #b ( "p ,a ( title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj;a-#aa et seq47 & 9 ! ,ga9+ ,e>ly ,aw>5ess & ,read9ess = ,und]graduate ,programs 7commonly kn[n z 8,,ge> ,,up07 "u *apt] #b ( subp>t #b ( "p ,a ( title ,,iv ( su* ,act 7#bj ,u4,s4,c4 #ajgj;a-#ba et seq474 7f7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjae4