Federal Tax Credits for Students and Their Families

Floor Speech

FEDERAL TAX CREDITS FOR STUDENTS AND THEIR FAMILIES -- (House of Representatives - January 15, 2009)

(Mr. DOGGETT asked and was given permission to address the House for 1 minute.)

Mr. DOGGETT. Madam Speaker, since the broad outlines of economic recovery legislation were first announced, Representative Tom Perriello and I have been working with our colleagues to see that that legislation was strengthened to include additional assistance for students and their families, students who deserve all the education that they are willing to work for.

Today we are pleased to announce success. The legislation that will be filed to improve and strengthen our economy at this time of economic downturn will include about $12.5 billion in new federal assistance over the next 2 years in the form of federal tax credits. These tax credits will be expanded to include textbooks and course materials. They will help now so that every family that is spending a dollar on higher education this year will know they will get that dollar back, up to $2,500 next year when they pay their tax return.

For the first time in history, this will be a refundable credit, as we proposed it, so that families making less than $40,000 a year, who did not qualify for the full credit in the past, will now be entitled to get up to $1,000 of their expenses. At a time of economic downturn, this is the time to support our students and their families. Help them and help rebuild our economy.

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