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 expended 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 amount 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 FremontPassed