Bill > H0550

This bill adds a new section to Idaho's existing law to provide for a nonrefundable income tax credit for employers who contribute to their employees' Idaho college savings program accounts. The credit is equal to 20% of the total contributions per employee, up to a maximum of $500 per employee per taxable year. If the credit amount exceeds the employer's tax liability, the excess can be carried forward for up to five years. The term "employee" is defined as a person who is subject to Idaho income tax withholding and is covered by the employer for unemployment insurance purposes.

Budget and Finance, Justice

Revenue and Taxation Committee (House)

https://legislature.idaho.gov/sessioninfo/2020/legislation/H0550/