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The new credit is currently available through 2017. The American Opportunity credit equals 100% of the first $2,000 of a studentâs qualified education expenses plus 25% of the next $2,000. The maximum annual credit is $2,500.
[2012 Update] Congress extended the American Opportunity Tax Credit (AOTC), which was initially created under the Recovery Act, for an additional two years as part of President Obamaâs compromise tax cut package.