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AR SB515
Bill
Status
10/15/2021
Primary Sponsor
Greg Leding
Click for details
AI Summary
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Increases the teacher's classroom investment income tax deduction from $250 to $750 per taxpayer for tax year 2020, and from $500 to $1,500 for married filing jointly taxpayers where each is a teacher.
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Deduction reverts to $250 per taxpayer and $500 for married filing jointly starting January 1, 2022.
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Expands the definition of qualifying classroom expenses to include personal protective equipment such as masks, hand sanitizer, disinfectant, gloves, and transparent desk shields.
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Makes the act retroactive to tax years beginning January 1, 2020 to allow the increased deduction when filing 2020 tax returns.
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Declares an emergency due to COVID-19's impact on teachers' personal spending for classroom materials and safety equipment.
Legislative Description
To Increase The Amount Of The Income Tax Deduction For A Teacher’s Qualified Classroom Investment Expense; And To Declare An Emergency.
Last Action
Died in Senate Committee at Sine Die adjournment.
10/15/2021