Bill > SB612

This bill establishes a new tax deduction for public school teachers in New Mexico, allowing them to deduct the cost of school supplies purchased for their classrooms from their net income. For taxable years beginning in 2015, the deduction is capped at $500, and for taxable years beginning on or after January 1, 2016, the cap increases to $1,000. To claim this deduction, teachers must provide information to the tax department proving their eligibility and that the items purchased qualify as "school supplies," which are defined as items used by students for educational purposes in the classroom, such as notebooks, paper, writing instruments, art supplies, maps, and globes, but specifically excluding electronic devices, office equipment, furniture, and sporting goods. This provision applies to taxable years starting on or after January 1, 2015.