The American Opportunity tax credit is new for the 2009 tax year. It offsets the cost of tuition, fees, course-related books, supplies, and equipment for higher education by reducing the amount of income tax you are liable for. In addition, the credit is partially refundable—meaning that you may be able to claim the tax credit and receive a check from the IRS even if you owe no income tax! The Oregon Student Access Commission has also provided a tip sheet to help you receive this valuable tax credit.