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Introduced Senate Bill (S)

Authored by

DIGEST

College savings program. Establishes a state income tax credit for employers who contribute to employees' 529 education savings accounts. Limits the credit to $100 per employee. Allows taxpayers to designate an income tax refund to a 529 education savings account. Requires the Indiana education savings authority to make a contribution to 529 education savings accounts of lower income account owners in the amount of the lesser of: (1) the amount the account owner contributed minus the amount the account owner withdrew from the account in the previous calendar year; or (2) $250. Makes an annual appropriation from the state general College savings program. Establishes a state income tax credit for employers who contribute to employees' 529 education savings accounts. Limits the credit to $100 per employee. Allows taxpayers to designate an income tax refund to a 529 education savings account. Requires the Indiana education savings authority to make a contribution to 529 education savings accounts of lower income account owners in the amount of the lesser of: (1) the amount the account owner contributed minus the amount the account owner withdrew from the account in the previous calendar year; or (2) $250. Makes an annual appropriation from the state general fund to reimburse the Indiana education savings authority for the contributions made. ... View more