HOUSE BILL NO. 270
INTRODUCED BY D. WANZENRIED
A BILL FOR AN ACT ENTITLED: "AN ACT PROVIDING AN INDIVIDUAL INCOME TAX CREDIT FOR A PORTION OF THE AMOUNT A PUBLIC K-12 SCHOOL TEACHER SPENDS ON SCHOOL SUPPLIES; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE AND A RETROACTIVE APPLICABILITY DATE."
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
NEW SECTION. Section 1. Tax credit for teacher-purchased school supplies. (1) A qualified taxpayer is allowed a tax credit against the taxes imposed by 15-30-103 in an amount equal to 33% of the amount spent on qualified school supplies purchased by the taxpayer during the tax year.
(2) To qualify for the tax credit allowed under this section, the taxpayer must be a teacher employed full-time by a school district receiving operating funds under Title 20, chapter 9, part 3.
(3) To qualify as school supplies subject to the tax credit allowed under this section, the school supplies must be required for adequate school instruction by the taxpayer and must be supplies that are not furnished by the employing school district.
(4) The credit allowed under this section may be claimed by a taxpayer only if the taxpayer has not also claimed a deduction for the amount of the purchase of the school supplies.
(5) If the amount of the credit exceeds the claimant's income tax liability under this chapter, the amount of the excess must be refunded to the claimant.
NEW SECTION. Section 2. Codification instruction. [Section 1] is intended to be codified as an integral part of Title 15, chapter 30, and the provisions of Title 15, chapter 30, apply to [section 1].
NEW SECTION. Section 3. Effective date. [This act] is effective on passage and approval.
NEW SECTION. Section 4. Retroactive applicability. [This act] applies retroactively, within the meaning of 1-2-109, to tax years beginning after December 31, 2000.
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Latest Version of HB 270 (HB0270.01)
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