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SPONSOR: |
Sharer |
DATE TYPED: |
|
HB |
|
||
SHORT TITLE: |
Income Tax Deduction for Certain Teachers |
SB |
518 |
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|
ANALYST: |
Neel |
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REVENUE
Estimated Revenue |
Subsequent Years Impact |
Recurring or
Non-Rec |
Fund Affected |
|
FY03 |
FY04 |
|
|
|
|
($30,000.0) |
($30,000.0) |
Recurring |
General
Fund |
|
|
|
|
|
(Parenthesis ( ) Indicate Revenue Decreases)
Responses
Received From:
State
Department of Education (SDE)
Taxation
and Revenue Department (TRD)
Synopsis
of Bill
Senate Bill 518 enacts
a new section of the Income Tax Act to provide a deduction for certified
elementary and secondary teachers in the amount equal to the total income
received from providing instructional services.
Under SB 518 a “certified teacher” is defined as a person who is employed
by a school to teach or provide special instructional services and who has
received a certificate from the state Board of Education authorizing them to
teach or provide special instructional services in the public schools.
Significant
Issues
FISCAL IMPLICATIONS
According to TRD:
Statistics shown on the New Mexico Department of Education
website indicate approximately 21,000 teachers work in
SN/njw