summary
Introduced
02/05/2018
02/05/2018
In Committee
05/01/2018
05/01/2018
Crossed Over
04/23/2018
04/23/2018
Passed
05/16/2018
05/16/2018
Dead
Signed/Enacted/Adopted
05/29/2018
05/29/2018
Introduced Session
2018 Regular Session
Bill Summary
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".
AI Summary
This bill, known as the "Working Families College Savings Act," proposes to establish a temporary income tax credit for employers who make contributions to 529 qualified state tuition program accounts owned by their employees. The credit would be equal to 20% of the employer's contribution, with a maximum credit of $500 per employee per tax year. The bill also requires the state's College Invest program to provide the Department of Revenue with information necessary to administer the credit, and authorizes the Department to seek and accept private or public funding to cover its administrative costs. The bill is set to be repealed on December 31, 2024.
Committee Categories
Budget and Finance, Education
Sponsors (3)
Last Action
Governor Signed (on 05/29/2018)
Official Document
bill text
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bill summary
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bill summary
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