HB 18-1217 Summary

• Creates a temporary income tax credit for employers that contribute money to employee 529 qualified state tuition program accounts administered by CollegeInvest.

• Allows employers a credit equal to 20 percent of contributions made to employee 529 accounts, with a maximum credit of $500 per employee per taxable year.

• Applies to income tax years commencing January 1, 2019 through December 31, 2021, with unused credits carryable forward for up to three years.

• Requires CollegeInvest to provide quarterly reports to the Department of Revenue containing account holder information, beneficiary details, and contribution data for credit administration purposes.

• The tax credit provision sunsets and is repealed effective December 31, 2024.