Bill > SB171

This bill establishes a new income tax deduction for public school teachers in New Mexico who purchase school supplies for their classrooms. The deduction is capped at $500 for the 2024 tax year and $1,000 for tax years 2025 through 2028. Teachers must provide information to the state's taxation department to claim the deduction, which the department will report on annually to analyze the cost of the program. The bill defines "public school teacher" as a licensed teacher at a public school, and "school supplies" as items used by students for educational purposes, excluding electronics and other equipment. The provisions of the bill apply to tax years beginning on or after January 1, 2024.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=171&year=24