State Income Tax Credit Now Available for Colorado Employer Contributions to CollegeInvest 529 College Savings Accounts
The Working Families College Savings Act, passed by the Colorado Legislature in 2018 and in effect as of January 1, 2019, provides an innovative resource for Colorado employers to boost their employees’ CollegeInvest 529 savings accounts.
The new plan offers a Colorado tax credit for employers who make contributions to CollegeInvest savings plans owned by their employees. The accounts can be used by any beneficiary including children, grandchildren, nieces, nephews, even for the employee’s own higher education goals. The available tax credit is 20% of the amount contributed to a CollegeInvest 529 account, up to $2,500 per employee.
Return to 529 News centerThe new plan offers a Colorado tax credit for employers who make contributions to CollegeInvest savings plans owned by their employees. The accounts can be used by any beneficiary including children, grandchildren, nieces, nephews, even for the employee’s own higher education goals. The available tax credit is 20% of the amount contributed to a CollegeInvest 529 account, up to $2,500 per employee.