Tax Credit Under the American Recovery and Reinvestment Act's (ARRA) newly created American Opportunity Tax Credit, textbook and other course material expenses—along with tuition and fees incurred in 2009 and 2010 and not covered by scholarships or grants—may be claimed as a tax credit of up to $2,500 on that year's tax return. However, students and families must keep a record of their expenses to be eligible. Learn more about this program and download the IRS forms!