FT 10-30: Teacher's Tax Credit Act (Passed)

[Esteemed Jimmy]

AN ACT
To provide a tax credit for teachers' classroom supplies

Section 1: Title

This legislation may be cited as the Teacher's Tax Credit Act.

Section 2: Tax credit for classroom school supplies

1.) Each taxable year, an individual employed as a public school teacher is entitled to a credit against the individual's adjusted gross income tax liability for amounts expened during the taxable year for classroom supplies.  The amount of the credit is the lesser of:

(1) five hundred dollars ($500); or
(2) the total anount expended for classroom supplies during a taxable year.

2.) The credit provided by this section may not exceed the amount of the individual's adjusted gross income tax liability for the taxable year, reduced by the sum of all credits for the taxable year that are applied before the application of the credit provided by this section.  The amount of any unused credit under this section for a taxable year may be carried forward to a succeeding taxable year, but may not be carried back to a preceding taxable year or refunded.

Parliament of the Commonwealth of Fremont
Passed

Sponsor: Scott
Designation: FT 10-30

[Esteemed Jimmy]

FT 10-30 is now on the floor. Debate on this legislation has begun and shall last for no less than 72 hours.

[Esteemed Jimmy]

This is an excellent piece of legislation and I fully support it.

[Esteemed Jimmy]

I move for a final vote. 24 hours for objections.

Members have 24 hours for objections.

[Esteemed Jimmy]

A final vote has started on FT 10-30, which shall last for 48 hours or until the whole membership has voted.

[Esteemed Jimmy]

Aye

[Esteemed Jimmy]

FT 10-30 has passed by a vote of 6-1-0-0.