FT 10-30: Teacher's Tax Credit Act (Passed)

[Esteemed Jimmy]

AN ACT
To provide a tax credit for teachers' classroom supplies

Section 1: Title

This legislation may be cited as the Teacher's Tax Credit Act.

Section 2: Tax credit for classroom school supplies

1.) Each taxable year, an individual employed as a public school teacher is entitled to a credit against the individual's adjusted gross income tax liability for amounts expened during the taxable year for classroom supplies.  The amount of the credit is the lesser of:

(1) five hundred dollars ($500); or
(2) the total anount expended for classroom supplies during a taxable year.

2.) The credit provided by this section may not exceed the amount of the individual's adjusted gross income tax liability for the taxable year, reduced by the sum of all credits for the taxable year that are applied before the application of the credit provided by this section.  The amount of any unused credit under this section for a taxable year may be carried forward to a succeeding taxable year, but may not be carried back to a preceding taxable year or refunded.

Parliament of the Commonwealth of Fremont
Passed

Sponsor: Scott
Designation: FT 10-30

[Esteemed Jimmy]

FT 10-30 is now on the floor. Debate on this legislation has begun and shall last for no less than 72 hours.

[Don Vito Corleone]

This is an excellent piece of legislation and I fully support it.

[The world will shine with light in our nightmare]

As we are all familiar, most teachers in Atlasia are required to pay for books and school supplies with their own money.  With teacher pay being so abysmal as it is in most states, this requires teachers to spend far beyond their means for each school year.

This bill is a slightly more generous version of a proposed tax credit that was introduced in Indiana last year.  Unlike the Indiana law, the amount of any unused tax credit for a taxable year may be carried forward to successive years.

[Esteemed Jimmy]

This is an excellent piece of legislation and I fully support it.

[AustralianSwingVoter]

Absolutely brilliant legislation, and it has my full support.

[YE]

Can we make this public school teachers only?

[The world will shine with light in our nightmare]

Yes, that would make more sense.

AN ACT
To provide a tax credit for teachers' classroom supplies

Section 1: Title

This legislation may be cited as the Teacher's Tax Credit Act.

Section 2: Tax credit for classroom school supplies

1.) Each taxable year, an individual employed as a public school teacher is entitled to a credit against the individual's adjusted gross income tax liability for amounts expened during the taxable year for classroom supplies.  The amount of the credit is the lesser of:

(1) five hundred dollars ($500); or
(2) the total anount expended for classroom supplies during a taxable year.

2.) The credit provided by this section may not exceed the amount of the individual's adjusted gross income tax liability for the taxable year, reduced by the sum of all credits for the taxable year that are applied before the application of the credit provided by this section.  The amount of any unused credit under this section for a taxable year may be carried forward to a succeeding taxable year, but may not be carried back to a preceding taxable year or refunded.

Parliament of the Commonwealth of Fremont
Pending

[AustralianSwingVoter]

Also might I suggest we fix the credit amount to inflation.

[YE]

Probably not necessary, as inflation is fairly low AFAIK, and because three presidential elections take place per year. Much like how it makes little sense to index the minimum wage to inflation in game.

[AustralianSwingVoter]

I move for a final vote. 24 hours for objections.

[Esteemed Jimmy]

I move for a final vote. 24 hours for objections.

Members have 24 hours for objections.

[Esteemed Jimmy]

A final vote has started on FT 10-30, which shall last for 48 hours or until the whole membership has voted.

[Esteemed Jimmy]

Aye

[The world will shine with light in our nightmare]

Aye.

[Sherrod Brown Shill]

Aye

[Don Vito Corleone]

Aye.

[YE]

Aye

[KoopaDaQuick 🇵🇸]

Nay

[AustralianSwingVoter]

Aye

[Fmr. Representative Encke]

In response to the cost request from Scott, the easy answer is to add up the number of public school teachers in each state in Fremont and multiply by 500: 753,300*500 = $376,650,000. This represents a maximum cost, of course.

[Fmr. Representative Encke]

Also, just to clarify, what is 'adjusted gross income tax liability' referring to? Usually I see the term used to describe federal income tax liability, and I was wondering if that was the case here, or if it was being used to apply to local/state/regional taxes as well.

[The world will shine with light in our nightmare]

In response to the cost request from Scott, the easy answer is to add up the number of public school teachers in each state in Fremont and multiply by 500: 753,300*500 = $376,650,000. This represents a maximum cost, of course.

Thank you, Mr. Deputy GM.

Also, just to clarify, what is 'adjusted gross income tax liability' referring to? Usually I see the term used to describe federal income tax liability, and I was wondering if that was the case here, or if it was being used to apply to local/state/regional taxes as well.

That part of the language was taken from the Indiana bill, so I believe we can safely assume that refers to local/state/regional taxes.

[YE]

Yes but f**k private schools.

[Unconditional Surrender Truman]

Yes but f**k private schools.

You do realize private schools are not all gated "prep" academies for yuppies, right?