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IN HB1247
Bill
Status
1/22/2015
Primary Sponsor
Justin Moed
Click for details
AI Summary
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Establishes a tax credit for individuals employed as teachers against adjusted gross income tax liability for classroom supply expenses.
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Credit amount equals the lesser of $200 or the total amount expended on classroom supplies during the taxable year.
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"Classroom supplies" defined as items qualifying for the educator expense deduction under Section 62(a)(2)(D) of the Internal Revenue Code (as of December 31, 2013).
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Credit cannot exceed the individual's adjusted gross income tax liability for the year, reduced by all other applicable credits, and unused credits cannot be carried forward, carried back, or refunded.
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Effective retroactively beginning January 1, 2015, applies to taxable years beginning after December 31, 2014, and expires January 1, 2018.
Legislative Description
Teacher tax credit. Provides that an individual employed as a teacher is entitled to a credit against the individual's adjusted gross income tax liability for amounts expended on classroom supplies up to a maximum of $200 per taxable year.
Last Action
First Reading: referred to Committee on Ways and Means
1/22/2015