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American Opportunity Tax Credit
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Taxes
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The legislation replaces the Hope Tax Credit with a $2,500 credit for higher education expenses, including tuition and fees, books, and course materials. Forty percent of the tax credit is refundable to allow low-income families to benefit from the credit.
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Americorps
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Competitive
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The Act includes $160 million for the AmeriCorps program. These grants will be awarded to eligible organizations to recruit, train, and manage AmeriCorps members who address community needs. The funds are available to current grantees to address critical community needs resulting from or exacerbated by the current economic crisis. Applicants must apply to the same entity to which they applied for their current AmeriCorps grants. The original closing date for the grant application is April 3, 2009.
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Federal Appropriation:
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$89,000,000 additional
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Maryland Estimate:
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Contingent on awards granted
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ARRA Section:
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Title VIII
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Federal Agency: |
Americorps |
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State Agency: |
None
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Stimulus Websites:
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Americorps Stimulus Website
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Federal Work Study
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Formula Funded
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The bill includes $200 million to increase the federal Work-Study Program. It is estimated that Maryland will receive an additional $3 million of this appropriation. These funds will be distributed to the Maryland State Department of Education, which has been tasked with administering these funds.
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Pell Grants
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Formula Funded
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The bill includes $17 billion to increase the Pell Grant maximum award to $5,350 in fiscal 2009 and $5,550 in 2010, which will provide additional financial assistance to seven million recipients. It is estimated that Maryland will receive an additional $88 million in Pell Grant funds in fiscal 2009.
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Member Services