Enacts new GS 105-151.34, Teacher credit for school supplies, as the title indicates. Provides that a taxpayer who is a classroom teacher is eligible for a credit against the tax imposed by Part 2 of Article 4 of GS Chapter 105, Subchapter I equal to the cost of purchased school supplies or instructional materials or $250, whichever is less. Includes additional provisions setting limitations on the tax credit and providing definitions for terms as used in this section. Provides that any unused portion of this credit may be carried forward for the succeeding five years.
Effective for taxable years beginning on or after January 1, 2014.
CREDIT FOR SCHOOL SUPPLIES.
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View NCGA Bill Details | 2013-2014 Session |
A BILL TO BE ENTITLED AN ACT TO PROVIDE TEACHERS WHO PURCHASE CERTAIN SCHOOL SUPPLIES AND MATERIALS AN INCOME TAX CREDIT.Intro. by Malone.
Status: Ref to the Com on Education, if favorable, Finance (House Action) (May 20 2014)
Bill History:
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Thu, 15 May 2014 House: Filed
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Tue, 20 May 2014 House: Passed 1st Reading
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Tue, 20 May 2014 House: Ref to the Com on Education, if favorable, Finance
H 1119
Bill Summaries:
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Bill H 1119 (2013-2014)Summary date: May 16 2014 - View Summary
View: All Summaries for Bill