S.2510: RAISE Act
The RAISE Act (S. 2510) would establish a refundable tax credit for elementary or secondary school teachers or early childhood educators, increases the tax deduction for the expenses of elementary and secondary school teachers, and provides funding for local educational agencies that maintain or increase teacher salaries.
Specifically, the bill would:
1) Create a refundable $10,000 tax credit for public elementary and secondary teachers in high poverty public schools;
2) Create a refundable $10,000 tax credit for early childhood educators with a bachelor’s degree and an $8,000 credit for those with an associate’s degree in high poverty early childhood centers;
3) Provide all teachers, regardless of the level of poverty in the school in which they teach, with a $500 refundable tax credit; and
4) Increase the educator tax credit to offset the cost of school supplies from $250 to $500 and as much as $1,500 for educators in the highest-need schools.