A memo regarding the School Supply Tax Credit was released today under “System Memos” in Waterworks.
The 2016 Federal Budget introduced an Eligible Educator School Supply Tax Credit for 2016 and subsequent taxation years. This tax credit allows an employee who is an eligible educator to claim a 15% refundable tax credit based on an amount of up to $1,000 of purchases of eligible teaching supplies by the employee in a taxation year; therefore, the maximum tax credit translates to a tax savings of $150 per year. This tax credit was established to recognize the fact that educators purchase materials to enhance learning in the classroom or the learning environment itself.
The form and instructions are available on Waterworks in the “System Memos” Section, titled: Eligible Educator School Supply Tax Credit.
Memo # ES:135:2016-17