Washington, D.C. – Today (Thursday, Oct. 22), U.S. Sen. Al Franken (D-MN) announced his support for the Higher Education Opportunity Act of 2009 (S.250). The legislation was authored by Sen. Charles Schumer (D-N.Y.) and would provide a $4000 tax credit per student per year.

“Every family wants to make the dream of college a reality for their children,” said Sen. Franken. “Minnesotans have been talking to me for years about the need to make higher education more affordable. I want them to know I’ve been listening. This bill would change the math for middle-class families all over Minnesota who are deciding whether college is a possibility on their budgets.”

The Higher Education Opportunity Act would replace the existing college tuition tax benefits with a single credit worth up to $4000 per student per year and provide up to a $16,000 lifetime total per student.  

The full credit would be available for families making up to $140,000, with a partial credit available for incomes up to $160,000.  The Act would also expand eligible expenses to include 50 percent of textbook costs in addition to tuition and fees.

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