HB 1157 Summary

• Establishes a tax credit for employers that pay tuition expenses for employees attending state educational institutions, provided the employee achieves a final grade of at least 2.0 on a 4.0 scale.

• Defines "tuition" to include required books, course supplies, and course fees paid by the employer for employee courses.

• Allows unused credits to be carried forward for up to five taxable years following the first year claimed, with no carryback or refund allowed for excess credits.

• Requires employers claiming the credit to maintain records including employee name, institution, course name, semester, tuition amount, final grade, and other information required by the department.

• Applies to taxable years beginning after December 31, 2012, with an effective date of July 1, 2012.