Obama Administration Pushes Extending College Tax Credit

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The Obama administration is pushing to extend a temporary tax credit that helped lower the cost of college tuition for more than 12 million students last year.

The American Opportunity Tax Credit expanded the range of the existing Hope Credit to more Americans and covers a greater range of items, including computers and textbooks.

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The tax credit is due to expire at the end of this year, CNNMoney said. Obama administration officials met with reporters to emphasize the importance of maintaining the credit, which would cost $58 billion over 10 years.

"[Obama] believes that it is important for this to be extended and for families to have the certainty and confidence that this [credit] will be there when they are making the choices about sending their children to college," said Gene Sperling, counselor to Treasury Secretary Timothy Geithner.

Congress enacted the tax credit as part of the stimulus bill.
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