On Saturday, March 9, President Bush signed into law the "Job Creation and Worker Assistance Act of 2002." The Act includes a new tax deduction of up to $250 per year, for 2002 and 2003, for a teacher's unreimbursed expenses for certain materials, supplies, and equipment used in the classroom. The deduction is available for a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide who works in any school, public or private, that provides elementary or secondary education, as determined under State law.

Read the President's statement.
(A new browser window will open.)

We encourage you to share this information with your colleagues. Remember, however, that the new law does not apply to the 2001 tax year.