Congressman Chaka Fattah (D-PA-02), a senior House Appropriator and author of the American Opportunity Tax Credit (AOTC) to reduce the cost of higher education, issues this statement passage of the tax cut package.
"Our nation has escaped the looming threat of immediate tax increases that would have slammed virtually every American. One important tax cut that is preserved is the American Opportunity Tax Credit (AOTC) which President Obama campaigned on and I authored, to make college more college affordable.
"The entire plan that goes to President Obama's desk earned my enthusiastic vote on New Year's night. It preserves numerous tax cuts for middle and low income American families so they can hold their own as our nation climbs out of economic hard times.
"The AOTC, which was due to expire at midnight New Year's Eve, can now continue for another five years. It has benefited 11 million college students and families with $14 billion in tax credits. It provides up to $2,500 a year for college tuition and other expenses over four years. That's a potential benefit of $10,000 for the young women and men, many from low-income households, who are acquiring the education and skills to propel our nation toward winning the future in a competitive world economy.
"I'm proud to have put this education credit on the legislative agenda in 2009 -- and worked with my colleagues to preserve it as part of this important agreement for America's working families."