Wednesday, October 8, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB985: Income tax, state; teacher expenses for materials tax credit.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.12 as follows:
§ 58.1-339.12. Teacher expenses tax credit.
For taxable years beginning on or after January 1, 2008, any individual who teaches children in grades kindergarten through 12 shall be entitled to an annual credit against the tax levied pursuant to § 58.1-320 equal to the amount, not to exceed $250, paid by the taxpayer for materials used in teaching in the Commonwealth or in executing the education mission of the school division in the taxable year in which the expenses are incurred. The credit amount allowed shall not exceed the teacher's tax liability.
To claim the credit authorized by this section, the teacher shall attach to the income tax return proof of payment for the teaching materials. The Tax Commissioner shall establish guidelines regarding the information to be included and the format for such information. Such guidelines shall be exempt from the Administrative Process Act (§ 2.2-4000 et seq.).
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.