NM
New Mexico Senate Bill SB28

New Mexico 2023 Regular Session

New Mexico Senate Bill SB28

Caption

Teacher School Supply Purchase Tax Deduction

Impact

The implementation of SB28 is expected to have a positive impact on New Mexico's public education system by alleviating some of the financial burdens faced by teachers. This deduction can encourage teachers to provide more resources for their students without the concern of out-of-pocket expenses. It acknowledges the essential role of teachers in shaping educational outcomes and aligns with efforts to improve teacher retention by recognizing and addressing some of their financial challenges.

Summary

Senate Bill 28 introduces an income tax deduction specifically for public school teachers in New Mexico who purchase school supplies for their classrooms. The bill allows eligible teachers to deduct their expenses from their net income, with the deduction limit set at $500 for the tax year 2023 and increasing to $1,000 for subsequent years. This measure aims to provide financial relief to teachers who often spend personal funds on necessary educational materials to support their students' learning.

Contention

Despite the positive intentions behind SB28, there may be points of contention regarding its funding and potential effects on state revenue. Critics might argue that while the bill offers immediate financial benefits to teachers, it could lead to reduced tax revenues for the state if not properly managed. Additionally, there may be discussions about the reliance on personal spending to fund education, as it raises questions about the adequacy of state funding for schools and equitable access to resources across different districts.

Companion Bills

No companion bills found.

Previously Filed As

NM SB171

Teacher-purchased Supplies Tax Credit

NM S183

Exempts from "Sales and Use Tax Act" certain retail sales of computers and school supplies; allows $500 gross income tax deduction to teachers purchasing school supplies for classroom use.

NM A1563

Exempts from "Sales and Use Tax Act" certain retail sales of computers and school supplies; allows $500 gross income tax deduction to teachers purchasing school supplies for classroom use.

NM S3458

Exempts from "Sales and Use Tax Act" certain retail sales of computers and school supplies; allows $500 gross income tax deduction to teachers purchasing school supplies for classroom use.

NM A4878

Exempts from "Sales and Use Tax Act" certain retail sales of computers and school supplies; allows $500 gross income tax deduction to teachers purchasing school supplies for classroom use.

NM A128

Allows gross income tax deduction of up to $1,200 for purchases of school supplies by parents and guardians.

NM A4560

Allows gross income tax deduction of up to $1,200 for purchases of school supplies by parents and guardians.

NM SB267

Personal income tax: credit: qualified teacher: school supplies.

NM HB10

Provides for the rate of the state sales and use tax and for exemptions, exclusions, credits, and rebates claimed against sales and use taxes; and provides for a flat rate of income tax for individuals, estates, and trusts, increases the standard deduction, and modifies or repeals certain income tax deductions and credits (Items #5, 6, and 8) (EN SEE FISC NOTE RV See Note)

NM A124

Allows gross income tax deduction for up to $1,200 of unreimbursed expenses incurred by eligible educators for purchase of classroom supplies.

Similar Bills

No similar bills found.