A bill to discuss in the senate which allows teachers to help buy school supplies for their classrooms in its first committee on Tuesday.
Senate Considers School Supplies Tax Rebate (PHOTO: AL.com)
School Supplies Tax Rebates
On Tuesday, states discussed a bill that would help offset the costs teachers pay to equip their students in its first committee. Tuesday afternoon, SB 28, which will provide a tax deduction for teachers who buy school supplies for their classrooms was held pending further discussion in the Senate Tax.
Moreover. Senate Minority Whip Craig Brandt, R-Rio Rancho, sponsored the bill. This proposed bill provides teachers up to $500 in tax deductions for school supply purchases in Fiscal Year 2024 and it doubles to $1,000 for Fiscal Year 2025 and onward.
School Supplies To Consider
The standard school supplies such as pencils paper, and protractors are covered but the higher cost items such as electronics are not covered for the deduction. Allocation for the tax deduction would come from the general fund and cost $320,000 in FY 24 and $640,000 for FY25 onward.
Furthermore, NM Political Report told teachers from Albuquerque Public Schools and Alamogordo Public Schools for their opinions regarding the bill and also they both supported the bill. The following Senate Tax, Business, and Transportation conference are scheduled for 1:30 p.m. on Thursday in Sanate room 321.
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