The American Opportunity Tax Credit, Department of the Treasury, October 12, 2010: “The President created the American Opportunity Tax Credit (AOTC) as part of the American Recovery and Reinvestment Act, which he signed into law in February 2009. The AOTC replaces the Hope Scholarship credit for Tax Years 2009 and 2010, increasing the benefits for nearly all Hope credit recipients and many other students by providing a maximum benefit up to $2,500 per student – 100 percent of their first $2,000 in tuition and 25 percent of the next $2,000 –expanding the income range over which taxpayers can claim a credit, and making the credit partially refundable. If the AOTC is made permanent, as proposed in the President’s FY 2011 Budget, a student could receive a credit up to $10,000 over four years.”