Pennsylvania’s new law provides a 25% tax credit on employer contributions to employee PA 529 College Savings accounts, aiming to boost educational savings and support families with college expenses.
Pennsylvania’s New Law Offers 25% Tax Credit for Employer Contributions to College Savings Accounts
According to the report of WTAJ, Pennsylvania has a new law that helps families save for college by giving a 25% tax credit to employers who add up to $500 to their employees’ PA 529 College and Career Savings Program accounts. This program helps pay for school costs like tuition, books, and room and board at approved colleges and technical schools.
The law, part of House Bill 1745, was supported by Reps. Kristin Marcell and Paul Friel. It’s designed to make saving for college easier and to encourage employers to help their workers save for education. The goal is to help families and create a more educated workforce in Pennsylvania.
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$8 Billion in College Savings: Pennsylvania Introduces 25% Tax Credit for Employer Contributions to PA 529 Program (PHOTO: Pennsylvania Treasury)
Pennsylvania Treasury Secretary Highlights Benefits of New Tax Credit for College Savings
Pennsylvania Treasury Secretary Stacy Garrity said this new tax credit will greatly benefit families. With over $8 billion in PA 529 accounts already, this law aims to increase savings and support students as they prepare for their futures.
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