New legislation gives tax credit for back to school supplies
Tue, 26 Aug 2014 03:00:00 GMT —
You may see your school supply expenses back in your wallet next year.
New legislation introduced this week in Lansing would credit families for pencils, pens, calculators, notebooks, and most other school supplies.
"To go and be able to save a couple dollars for back to school is just great" says Stefanie Meeker, a Millington resident and mom.
Stefanie says back to school puts a huge dent in her families bottom line.
"Well I know from the start it's at least $200 just for one child, when you're adding it up it could be almost $1,000 you know depending on what they need" says Stefanie.
According to a study by Huntington Bank, the average cost for elementary school supplies is $642 per child.
High school students top out around $1,200 per year.
"The bill would give families up to 1000 dollars credit to taxpayers families to help with all of their school expenses" says Senator Jim Ananich (D-Flint).
Senator Ananich, who proposed the bill, says the burden of buying supplies adds up.
"It's hard to say what things should cost" says Ananich.
"But things have also gone up and if we can help them get a little relief while doing it then it's a good thing. It's the kind of stuff the state should be doing" he says.
Other states including Minnesota and Illinois already offer tax credits for citizens buying school supplies.
Students saying the would benefit from their parents savings.
"You could use the money for fun things, like a new pet" says Reecie Meeker, a 4th grade student and Stefanie's daughter.
But in the end every penny counts.
"A little extra money in our pocket definitely goes a long way" says Stefanie.