Teacher Excellence for All Children Act of 2005

The Teacher Excellence for All Children Act of 2005 proposes a series of financial incentives and grant programs designed to recruit and retain high-quality educators in low-income schools and high-demand subjects like math and science. For students pursuing teaching careers, the bill would establish "TEACH" grants and expand student loan forgiveness, allowing debt to be canceled in annual increments rather than after several years of service. For current educators, the legislation would provide a federal income tax exclusion of up to $15,000 for those working in high-need areas and increase the permanent tax deduction available for teachers who pay for classroom supplies out of their own pockets.