HB 20-1109 Summary

• Extends the income tax credit for employers who contribute to employee 529 qualified state tuition program accounts from January 1, 2022 to January 1, 2032.

• Allows employers a tax credit equal to twenty percent of contributions made to employee 529 accounts, with a maximum credit of five hundred dollars per employee per taxable year.

• Extends the repeal date of the tax credit provision from December 31, 2024 to December 31, 2036.

• Provides a ten-year extension to incentivize employers to help employees enhance education savings through direct contributions to collegeinvest-administered accounts.