1. Short title This Act may be cited as the Respect, Advancement, and Increasing Support for Educators Act of 2023 or the RAISE Act of 2023 . 2. Refundable teacher tax credit (a) Allowance of tax credit (1) In general Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 36B the following new section: 36C. Teacher tax credit (a) Credit allowed In the case of an individual who is an eligible educator during school years ending with or within the taxable year, there shall be allowed as a credit against the tax imposed by this chapter an amount equal to the sum of— (1) $1,000, plus (2) in the case of an eligible educator who is employed at a qualifying school, the applicable amount. (b) Applicable amount For purposes of subsection (a), the applicable amount is the amount which bears the same ratio (not to exceed one) to $14,000 ($9,000, in the case of any early childhood educator without a bachelor's degree) as— (1) the number of percentage points by which the student poverty ratio for such qualifying school exceeds 39 percent, bears to (2) 36 percentage points. (c) Eligible educator For purposes of this section— (1) In general The term eligible educator means— (A) any elementary or secondary teacher, and (B) any early childhood educator. (2) Elementary or secondary teacher (A) In general The term elementary or secondary teacher means an individual who— (i) is a teacher of record who provides direct classroom teaching (or classroom-type teaching in a nonclassroom setting) in a public elementary school or a public secondary school for not less than 75 percent of the normal or statutory number of hours of work for a full-time teacher over a complete school year (as determined by the State in which the school is located), (ii) meets the applicable requirements for State certification and licensure in the State in which such school is located in the subject area in which the individual is the teacher of record, and (iii) has met the requirements of