HB 18-1217

HB 18-1217, which has been signed into law, introduces a temporary tax break for employers who contribute to their employees' 529 college savings plans. For the years 2019 through 2021, these employers can get an income tax credit worth up to 20% of what they put into each employee's account, with a maximum credit of $500 per year. This benefit is aimed at encouraging businesses to help their employees save for education expenses by offering financial support for college savings accounts.

Official Summary

The bill creates a temporary 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 the reengrossed version of this bill as introduced in the second house.) , Read More

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