HI SB573

Authorizes a state income tax credit for school teachers, special education teachers, school librarians, and counselors employed by public schools, charter schools, or private schools for expenses on classroom materials.

Eligible expenses include books, supplies (excluding athletic supplies), computer equipment with related software and services, and supplementary materials used in classroom instruction for grades junior kindergarten through 12th grade.

Tax credit amount equals expenses paid or incurred in a taxable year, subject to a maximum limit per year (amount not specified in bill text).

Excess credits not used in the current year may be carried forward to subsequent years until exhausted, with all claims requiring filing within 12 months of the taxable year's close.

Effective July 1, 2050, and applies to taxable years beginning after December 31, 2012.