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2020 SESSION
SB 500 Teaching material expenses; establishes a tax credit, effective clause.
Introduced by: Bryce E. Reeves | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Tax credit for teaching material expenses. Establishes an individual nonrefundable income tax credit of up to $250 for licensed teachers in taxable years beginning on or after January 1, 2020, but before January 1, 2025, for the purchase price of materials used in teaching public primary or secondary school students that were purchased during the taxable year, provided that such purchases were neither reimbursed nor claimed as a deduction on the teacher's federal income tax return. The total amount of tax credits available for a taxable year shall not exceed $1 million. If the amount of the credit exceeds the taxpayer's tax liability for the taxable year in which the teaching materials were purchased, such excess may be carried over for five years. The provisions of the bill are contingent on funding in a general appropriation act.
FULL TEXT
- 01/07/20 Senate: Prefiled and ordered printed; offered 01/08/20 20102642D pdf | impact statement
- 01/31/20 Senate: Printed as engrossed 20102642D-E pdf | impact statement
AMENDMENTS
- House subcommittee amendments and substitutes adopted
- House committee amendments reported
- Senate amendments
HISTORY
- 01/07/20 Senate: Prefiled and ordered printed; offered 01/08/20 20102642D
- 01/07/20 Senate: Referred to Committee on Finance and Appropriations
- 01/08/20 Senate: Moved from Finance to Finance and Appropriations due to a change of the committee name
- 01/29/20 Senate: Reported from Finance and Appropriations with amendment (15-Y 0-N)
- 01/30/20 Senate: Constitutional reading dispensed (37-Y 0-N)
- 01/31/20 Senate: Read second time
- 01/31/20 Senate: Reading of amendment waived
- 01/31/20 Senate: Committee amendment agreed to
- 01/31/20 Senate: Engrossed by Senate as amended SB500E
- 01/31/20 Senate: Printed as engrossed 20102642D-E
- 02/03/20 Senate: Read third time and passed Senate (40-Y 0-N)
- 02/12/20 House: Placed on Calendar
- 02/12/20 House: Read first time
- 02/12/20 House: Referred to Committee on Finance
- 02/13/20 House: Assigned Finance sub: Subcommittee #1
- 02/17/20 House: Subcommittee recommends reporting with amendment (9-Y 0-N)
- 02/17/20 House: Subcommittee recommends referring to Committee on Appropriations
- 02/19/20 House: Reported from Finance with amendment (22-Y 0-N)
- 02/19/20 House: Referred to Committee on Appropriations
- 03/03/20 House: Left in Appropriations