Note on American Opportunity Tax Credit

from the inbox:

Yesterday, the Department of Treasury released a new analysis of the benefits of extending the American Opportunity Tax Credit, which was a key piece of the Tax Relief, Unemployment Reauthorization and Job Creation Act of 2010. The analysis shows that as a result of the extension of the AOTC, 372,000 families in Pennsylvania will receive $856 million – an average of $2300 per family to help pay for college.

Recent analysis from the Department of Treasury also shows that thanks to the payroll tax break – another key piece of the Tax Relief, Unemployment Reauthorization and Job Creation Act – tens of millions of American workers are already seeing the boost in their paychecks. In Pennsylvania alone, 6.7 million people will see $4.8 billion in tax relief this year.

For an interactive map outlining the state-by-state benefits of the tax relief law and a White Board video of Council of Economic Advisers Chairman Austan Goolsbee explaining the major pieces of the law, visit http://www.whitehouse.gov/issues/taxes/tax-cuts