The Supporting Students and Families Act creates a new tax credit of up to $200 per year for families who pay for elementary and secondary school supplies such as books, equipment, and other materials for their dependent children. The credit applies to expenses for students attending public, private, or religious schools and is available to individual taxpayers filing taxes. However, the credit begins to phase out for families with modified adjusted gross income above $150,000 and is completely eliminated for those with income exceeding $215,000. The bill also prevents families from claiming the same expenses twice by coordinating with existing Coverdell education savings account rules, ensuring expenses counted for one benefit cannot be counted for another. The tax credit would take effect for the 2027 tax year and beyond.
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