Yesterday, the Senate and House of Representatives approved legislation to avert the fiscal cliff.聽The deal postpones the automatic, across-the-board spending cuts鈥攌nown as 鈥渢he sequester鈥濃�攂y two months and increases tax rates only for individuals earning over $400,000 and couples earning over $450,000. The bill also preserves funding for Pell Grants and extends for five years the American Opportunity Tax Credit (AOTC), which allows students and their parents to claim up to $2,500 a year for tuition and college expenses.
For details, please see the provided by Christy Gullion, Director of Federal Relations, and the articles provided by and