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American Opportunity Credit For tax years beginning in 2009 and 2010, the Stimulus Act includes taxpayer-friendly modifications to the Hope Scholarship higher education tax credit (Hope Credit).   Retaining Tax Information and Records Retaining and storing your income tax information and records is an important final step of your tax filing responsibility. This article contains information on the rules for keeping your tax records.   Homebuyer Credit Extended and Expanded The First-time Homebuyer Tax Credit (Credit) allows new homeowners the opportunity to receive a tax credit of up to $8,000 to help them purchase a home. The Credit was originally set to expire on December 1, 2009, but was recently extended and expanded.