Text Book Tax Credit
| Sponsor: | Internal Revenue Service |
|---|---|
| Type: | Other |
| State: | National |
| Application Deadline: | Apr 30, 2010 |
| URL: | http://www.textbookaid.org/ |
Students,Keep your receipts! The below message announces a textbook tax
credit, where students will be reimbursed for up to 100% of the cost
of required textbooks/course materials. When you go to file your tax
returns, you should be able to claim expenses as long as you have
your receipts for texts. The next paragraph is the official
announcement:
Submission Instructions:
Text Book Tax Credit
The recently launched Obama administration economic stimulus
package includes a new Textbook Tax. This new government program
will now reimburse students for up to 100% of the cost of required
textbooks and other course materials. For example, if you have
out-of-pocket course material expenses or tuition and fees during
2009 or 2010 and no other financial grant aid covers those expenses;
you would be able to claim the expenses as a credit. For each
student the credit is limited to $2,500.
The stimulus bill creates the American Opportunity Tax Credit,
which will credit 100% of a student's first $2000 in tuition, fees,
and course materials, and 25% of the next $2000. The credit is also
40% refundable, so even if a student doesn't owe taxes, he or she
can effectively get a 40% rebate from the federal government for
all tuition, fees and course materials.
For more information, you can check out www.textbookaid.org
