NY A07397

Allows teachers a maximum annual income tax credit of $500 for unreimbursed expenditures on qualified classroom and teaching supplies, effective for taxable years beginning January 1, 2013

Qualified expenditures include classroom books, instructional materials, equipment, notebooks, writing utensils, paper, teaching materials like posters, and field trip costs for elementary and secondary schools

Excludes religious materials, extracurricular activities (sporting events, speech activities, driver's education), but includes musical or dramatic events and programs

Credit cannot exceed the tax imposed under section 601 of the tax law; any excess amount is refundable without interest

Comptroller shall pay taxpayers any excess credit as an overpayment upon certificate from the Commissioner