Six major tax policy bills were heard on May 13, 2014 in the Assembly Revenue & Taxation Committee proposing innovative ways to support education by offering tax relief and other incentives that can empower parents (as well as teachers) to care for their own school children’s learning needs, inspire greater charitable contributions to expand local resources in K-12 education, and encourage greater savings for kindergarten through college.
- AB 1786 would allow low-to-middle income families to take a $2,500 deduction for the K-12 educational expenses incurred on behalf of their school children.
- AB 1956 would provide a $500 a refundable tax credit for families to invest in the state’s 529-college savings plan, called Scholar Share.
- AB 2421 would inspire more charitable contributions for new resources that deliver vital education services to students in homeless situations and those in foster care.
- AB 2422 would increase opportunities for science and arts education for students from financially-disadvantaged families.
- AB 2426 would encourage more people to save money for their child’s kindergarten through college learning needs.
- AB 2427 would benefit K-12 school children by supporting new teachers with a $250 tax credit toward their personal costs of out-of-pocket expenses for instructional materials and classroom supplies.
Three pieces of legislation (AB 1956, AB 2426, AB 2427) all passed with bipartisan votes of support in this policy committee and will now be heard next week in the Assembly Appropriations Committee. One bill (AB 2421) is still pending and may be voted upon in a special June committee meeting. The remaining two measures (AB 1786, AB 2422), although receiving a good hearing did not get enough votes to make it out of the Assembly Revenue and Taxation Committee.