Bill > S00510

This bill creates a tax credit for employers who contribute to a college choice tuition savings account on behalf of their employees. The credit is equal to the employer's contribution, up to $5,000 per employee. The credit can be applied against the employer's state corporate income tax liability, and any excess credit can be treated as an overpayment to be refunded. The bill also includes provisions for recapturing the credit in certain situations. The credit is effective for tax years beginning on or after January 1st of the year following the bill's enactment.