Rep Jim Renacci (OH-16) released the below statement after voting in favor of H.R. 3393, the Student and Family Tax Simplification Act. This legislation would make college education more affordable by consolidating four current tax benefits for higher education (the American Opportunity Tax Credit, the Hope Scholarship Credit, the Lifetime Learning Credit, and the college tuition deduction) into a new, simplified and more beneficial American Opportunity Tax Credit (AOTC).
“According to the Department of Education (DOE), the total cost of paying for college is higher in Ohio compared with public institutions in other states. With tuition prices climbing in Ohio and throughout America, higher education is becoming less affordable and more difficult to plan for.
“Our broken tax system and its complex 15 overlapping education provisions only makes it more challenging for hardworking Ohio families to plan for sending their children to college. That is why I was proud to vote for the Student and Family Tax Simplification Act, a bill that makes a college education more affordable by consolidating and simplifying tax credits that are available to students and families. We all know that a good education leads to expanded opportunity, and that is why it is critical that we do our part to make higher education more affordable. I was glad to see this important bill receive bipartisan support, and I urge the Senate to act on it.”