Bill > S00096

This bill creates a tax credit for employers who contribute to a college choice tuition savings account on behalf of an employee. The credit is equal to the amount the employer contributes, up to $5,000 per employee. The credit can be claimed against the employer's personal income tax or corporate franchise tax. If the credit exceeds the employer's tax liability, the excess will be treated as an overpayment to be credited or refunded, but without any interest paid. The bill also includes provisions for recapturing the credit if certain conditions are not met.