HB18-1217
Income Tax Credit For Employer 529 Contributions
Concerning a temporary income tax credit for employers that make contributions to 529 qualified state tuition program accounts owned by their employees, and, in connection therewith, enacting the "Working Families College Savings Act".
Session:
2018 Regular Session
Subject:
Bill Summary
Fiscal Policy & Taxes
Income tax - credit for employer contributions to 529 qualified state tuition programs of employees. The act creates an income tax credit for income tax years commencing on or after January 1, 2019, but prior to January 1, 2022, for employers that make contributions to 529 qualified state tuition program accounts owned by their employees in an amount equal to 20% of the contribution, not to exceed $500.
(Note: This summary applies to this bill as enacted.)