Working Families College Savings Act Extended Until 2032
The Working Families College Savings Act, originally enacted in 2019, has been extended for ten years by the Colorado legislature. The bipartisan act provides an innovative resource for Colorado employers to boost their employees’ CollegeInvest 529 savings accounts. The original legislation ensured the program would continue through 2022; now with this extension the program will continue to boost the college savings of Colorado families through 2032.
The 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. Within that scope, employers will have the flexibility to design specific benefit strategies that best suit their business needs, and the needs of their employees.
Return to 529 News centerThe 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. Within that scope, employers will have the flexibility to design specific benefit strategies that best suit their business needs, and the needs of their employees.