It's a $4000 tax credit. They aren't giving you $4000. If you don't have a paying job, you get nothing. If you don't pay at least $4000 in tax, you aren't getting the full benefit.
I don't know about you, but I don't think I ever paid $4000 in tax during college. I spent what little free time I had at part-time jobs, but didn't earn much money. Most of my taxes were returned to me by the government for being a poor student.
100 hours of mandated community service is a tremendous amount. If you don't work during school, the tax credit is useless and if you do work during school, it reduces the number of hours you can work.
That being said, I did other activities that might qualify as volunteer work under this plan: I helped out with a local high school's FIRST robotics team.
Ummm no. Refundable tax credits put money in your pocket whether you owe up to the amount that year or not.
"Create the American Opportunity Tax Credit: Obama and Biden will make college affordable for all Americans by creating a new American Opportunity Tax Credit. This universal and _fully refundable_ credit will ensure that the first $4,000 of a college education is completely free for most Americans, and will cover two-thirds the cost of tuition at the average public college or university and make community college tuition completely free for most students. Recipients of the credit will be required to conduct 100 hours of community service."
I don't know about you, but I don't think I ever paid $4000 in tax during college. I spent what little free time I had at part-time jobs, but didn't earn much money. Most of my taxes were returned to me by the government for being a poor student.
100 hours of mandated community service is a tremendous amount. If you don't work during school, the tax credit is useless and if you do work during school, it reduces the number of hours you can work.
That being said, I did other activities that might qualify as volunteer work under this plan: I helped out with a local high school's FIRST robotics team.