New York S05993 creates a tax credit for employers who contribute to a college choice tuition savings account on behalf of an employee.

New York S05993 amends the tax law to establish a tax credit for employers who contribute to a college choice tuition savings account on behalf of an employee. The credit amount equals the employer's contribution, up to a maximum of $5,000 per employee. The credit can be applied against the employer's tax liability, with any excess treated as an overpayment to be credited or refunded. The bill specifies that no interest will be paid on the credit. The provisions of the bill apply to taxable years beginning on and after January 1 of the year following its enactment.

New York S05993 creates a tax credit for employers who contribute to a college choice tuition savings account on behalf of an employee.

New York S05993 amends the tax law to establish a tax credit for employers who contribute to a college choice tuition savings account on behalf of an employee. The credit amount equals the employer's contribution, up to a maximum of $5,000 per employee. The credit can be applied against the employer's tax liability, with any excess treated as an overpayment to be credited or refunded. The bill specifies that no interest will be paid on the credit. The provisions of the bill apply to taxable years beginning on and after January 1 of the year following its enactment.