Bill > A03348

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, and can be claimed against the employer's state income tax. The credit can be carried forward as an overpayment if it exceeds the employer's tax liability, but no interest will be paid on the overpayment. The bill also includes provisions for recapturing the credit if certain conditions are not met.