Senate Bill 154 (2005)

This bill gives up to $300 in annual tax credit for the first five years of teaching to all public school teachers/specialists to help offset interest and principal payments of student loans.

It has wide-spread, bi-partisan support from legislators in both Chambers: 14 of 21 senators and 11 of 41 state representatives.

Senate Bill 154
Section 1. Amend Title 30 of the Delaware Code, by adding a new 1115, to read as follows:

"1115. Public School Educators Credit An individual who is a resident of this State who is a public school teacher that has taught less than five years shall be allowed a credit of an amount not to exceed $300 for tax years commencing after December 31, 2004, against the tax otherwise due under this Chapter for expenses actually incurred during that taxable year for the payment of interest or interest and principal on college loans incurred for the purpose of obtaining a bachelor's degree."