Bill > A02465

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 amount of the employer's contribution, up to $5,000 per employee. The credit can be claimed against the state's corporate franchise tax, personal income tax, and the NYC business corporation tax. If the credit exceeds the taxpayer's tax liability for the year, the excess is treated as an overpayment that can be credited or refunded, though no interest will be paid. The bill also includes provisions for recapturing the credit in certain circumstances.