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Committee advances teacher tax credit bill with a five‑year sunset; one senator opposed
Summary
Senators advanced SB515, which reinstates or adjusts teacher tax credits with a $3 million annual cap and a five‑year sunset; the measure passed committee with one recorded opposition.
The Finance Committee advanced SB515, a bill adjusting tax credits for participating teachers and setting a five‑year sunset and an annual cap of $3,000,000.
Sponsors said the amended text preserves targeted credits for teachers who qualify before the sunset dates and phases credit amounts for future participants (for example, a change in per‑participant credit effective 01/01/2027). The committee amended the sunset language and clarified that in no circumstance would credits paid out exceed $3,000,000 in a given year. One senator said he will oppose new tax credits generally but supported the bill’s intent; the committee approved the measure by voice vote with one recorded opposition.
The bill was moved forward and the sponsor said it will proceed to the rules committee.
