An Act To Provide an Income Tax Credit for Employer Contributions to Section 529 Qualified Tuition Programs
Sec. 1. 36 MRSA §5217-E is enacted to read:
§ 5217-E. Employer contributions to qualified tuition programs
Sec. 2. Application. This Act applies to tax years beginning on or after January 1, 2018.
This bill provides an income tax credit to an employer that makes up to $1,000 in matching contributions on behalf of an employee to a qualified tuition program, sometimes referred to as a college savings program, established by the employee under Section 529 of the federal Internal Revenue Code.