NACS Website Explains IRS Benefit; Tax Credit Includes Textbooks, Other Educational Course Material
OBERLIN, Ohio, March 17, 2011 /PRNewswire-USNewswire/ -- As tax day (April 18) quickly approaches, don't forget to tap into the benefits of the American Opportunity Tax Credit (AOTC). The National Association of College Stores (NACS) and its more than 3,000 member stores are urging students and their families to take advantage of the measure, which makes the cost of textbooks and other course materials eligible for a tax credit in 2009 through 2012. Families should consult tax preparers or the IRS on their eligibility for this important credit and keep records of eligible course material expenses incurred.
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The credit covers textbooks and other course material expenses – as well as tuition and fees not covered by scholarships or grants up to $2,500 each year for the first four years of college. Forty percent of the credit is refundable.
"NACS and its members work hard to help make textbooks and course materials as affordable as possible, and have long been advocates of including course materials in tax credits. That is why NACS created www.textbookaid.org: to provide individuals with accurate, easy-to-understand information about how to best take advantage of this beneficial program," said Rich Hershman, NACS director of government relations.
NACS developed its easy-to-navigate web site, brochures, and Facebook page in partnership with the Internal Revenue Service. It includes a summary of the AOTC, explanatory examples, answers to frequently asked questions about the credit, and direct links for further information from the IRS.
According to an October 2010 study by the Treasury Department, AOTC recipients in 2009 received an average tax credit of more than $1,700. In addition, 4.5 million students and families received a tax refund from the AOTC in 2009 with an average value of $800.
About NACS
Headquartered in Oberlin, Ohio, the National Association of College Stores (NACS) is the professional trade association representing the collegiate retailing industry. NACS represents more than 3,000 collegiate retailers that serve America's college students while supporting the academic missions of higher education institutions everywhere. Additional information on NACS can be found online at www.nacs.org.
SOURCE National Association of College Stores
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