Adds Professional Development to Eligible Expenses; Indexes $250 Tax Deduction to Inflation
Jul 21, 2015The U.S. Senate Finance Committee today adopted an amendment by Colorado U.S. Senator Michael Bennet to extend and expand tax deductions for teachers who spend their own money on the job. The amendment, also sponsored by Senator Richard Burr (R-NC), to the tax extenders bill would increase the $250 educator expense tax deduction by indexing it to inflation. It would also allow teachers to use the deduction for professional development, which is often costly expenses for teachers.