HB 926

Abstract

Income tax credit; employer contributions toVirginia College Savings Plan accounts. Provides a nonrefundableincome tax credit for taxable years beginning on or after January1, 2020, but before January 1, 2025, for 35 percent of expenses incurredby a business during the taxable year for contributions into a VirginiaCollege Savings Plan account owned by an employee of the business.If the employee receiving the contribution is a qualified employee,as defined in the bill, the credit shall not exceed $500 annuallyfor each such employee. If the recipient receiving the contributionis a qualified employee who is not highly compensated, as definedin the bill, the credit shall not exceed $1,000 annually for eachsuch employee. The total amount of tax credits available for a calendaryear shall not exceed $5 million. Any unused tax credit may be carriedover for three years.