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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.
The Hope Scholarship provides a federal income tax credit based on the first $4,000 in postsecondary education expenses paid by the taxpayer during the tax year. The American Recovery and Reinvestment Act of 2009 (P.L. 111-5) included the American Opportunity Tax Credit, which expands the Hope Scholarship.