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ID H0550
Bill
Status
Passed
3/20/2020
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
- Establishes a nonrefundable income tax credit for employers making contributions to employee Idaho college savings program accounts for taxable years beginning January 1, 2020 and after
- Credit equals 20% of total contributions per employee with a maximum cap of $500 per employee per taxable year
- Unused tax credits exceeding an employer's tax liability may be carried forward for up to five taxable years
- Eligible "employees" must be subject to Idaho income tax withholding and covered by the employer for unemployment insurance purposes
- Bill declared an emergency with retroactive application to January 1, 2020
Legislative Description
Adds to existing law to provide for an income tax credit for employers who contribute to an employee's college savings program account.
INCOME TAXES
Last Action
Reported Signed by Governor on March 24, 2020 Session Law Chapter 244 Effective: Retroactive to 01/01/2020
3/20/2020
Committee Referrals
Local Government and Taxation3/4/2020
Revenue and Taxation2/24/2020
Full Bill Text
No bill text available