State Sen. Jennifer Bertino-Tarrant is supporting legislation to allow for employers that offer payroll deductions to help save for children’s college education to receive double the current annual tax credit.
“One of the greatest investments we can make is in higher education for our children,” Bertino-Tarrant, D-Shorewood, said in the release. “Companies that match employee contributions to qualified college savings programs deserve to receive a tax credit to offset the cost.”
The legislation would also extend the availability of tax credits for employers that match an employee’s contributions to a Bright Start/Bright Directions or College Illinois savings plan, according to the release.
Tax credits for student-assistance contributions would end Dec. 31, 2030 under the legislation.
“The expansion will allow more employees to contribute to the program, and allow those who have already maxed out their annual tax credit to save even more for their children’s education,” Bertino-Tarrant said in the release. “Every dollar saved early on in a child’s life will give them the opportunity to receive a quality education.”
The legislation passed the Senate Revenue Committee last Wednesday and heads to the full Senate for further consideration.
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March 10, 2020 at 05:12PM