SB 500

Abstract

Tax credit for teaching material expenses. Establishes an individual nonrefundable income tax credit of up to $250 for licensed teachers in taxable years beginning on or after January 1, 2020, but before January 1, 2025, for the purchase price of materials used in teaching public primary or secondary school students that were purchased during the taxable year, provided that such purchases were neither reimbursed nor claimed as a deduction on the teacher's federal income tax return. The total amount of tax credits available for a taxable year shall not exceed $1 million. If the amount of the credit exceeds the taxpayer's tax liability for the taxable year in which the teaching materials were purchased, such excess may be carried over for five years. The provisions of the bill are contingent on funding in a general appropriation act.

Tax credit for teaching material expenses. Establishes an individual nonrefundable income tax credit of up to $250 forlicensed teachers in taxable years beginning on or after January 1,2020, but before January 1, 2025, for the purchase price of materialsused in teaching public primary or secondary school students thatwere purchased during the taxable year, provided that such purchaseswere neither reimbursed nor claimed as a deduction on the teacher'sfederal income tax return. The total amount of tax credits availablefor a taxable year shall not exceed $1 million. If the amount ofthe credit exceeds the taxpayer's tax liability for the taxable year in which the teaching materials were purchased, such excess may becarried over for five years.