Teacher Tax Deduction for School Supplies Passes Congress

On Friday, President Bush signed HR 1424, the Emergency Economic Stabilization Act of 2008 after it passed the House by a vote of 263-171.

In addition to allowing the government to purchase mortgage assets from cash-strapped banks and guaranteeing money market investments, several other parts of the bill include items that directly affect education such as the 2-year extension of tax benefits relating to qualified tuition and expenses, out-of-pocket teacher expenses, Qualified Zone Academy Bonds (QZABs), computer contributions and donations of book inventories.