Idaho Code — Title 63 (Revenue and Taxation)
Idaho Code § 63-3029M
income tax credit for employer contributions to idaho college savings program accounts
# (1)
Subject to the limitations of this section, for taxable years beginning on and after January 1, 2020, there shall be allowed to an employer a nonrefundable credit against taxes imposed by this chapter for each of the employer’s contributions to an employee’s Idaho college savings program account established pursuant to chapter 54, title 33 , Idaho Code.
# (2)
The credit allowed by this section shall be in the amount of twenty percent (20%) of the total contributions per employee, but may not exceed five hundred dollars ($500) per employee, per taxable year.
# (3)
If the amount of a tax credit under this section exceeds a taxpayer’s tax liability under this chapter for a taxable year, the amount of the tax credit that exceeds the taxpayer’s income tax liability may be carried forward for a period that does not exceed the next five (5) taxable years.
# (4)
As used in this section, the term "employee" means a person who, during the taxable year for which the credit is allowed, is subject to Idaho income tax withholding, whether or not any amounts are required to be withheld, and who is covered by the employer for unemployment insurance purposes under chapter 13, title 72 , Idaho Code.
Amendment history
63-3029M, added 2020, ch. 244, sec. 1, p. 715.
Source: view the official text
In this chapter (40 sections)
- 63-3025D · Payment for dependents sixty-five years of age or older or…
- 63-3026 · Computing Idaho taxable income of resident individuals,…
- 63-3026A · Computing Idaho taxable income of part-year or nonresident…
- 63-3026B · affected business entities — state and local taxation…
- 63-3027 · Computing Idaho taxable income of multistate or unitary…
- 63-3027A · Computing Idaho taxable income of corporations not subject…
- 63-3027B · Water’s-edge election
- 63-3027C · Election is binding — Treatment of dividends
- 63-3027D · Presumptions and burdens of proof
- 63-3027E · Operative dates
- 63-3029 · Credit for income taxes paid another state
- 63-3029A · Income tax credit for charitable contributions — Limitation
- 63-3029B · Income tax credit for capital investment
- 63-3029C · Income tax credit for certain charitable contributions —…
- 63-3029D · Tax credit for qualified equipment utilizing postconsumer…
- 63-3029F · claim of right income repayment adjustments
- 63-3029G · Credits for research activities conducted in this state —…
- 63-3029I · Income tax credit for investment in broadband equipment
- 63-3029K · Tax credit for live organ donation expenses
- 63-3029L · child TAX CREDIT
- 63-3029M · income tax credit for employer contributions to idaho…
- 63-3029N · IDAHO PARENTAL CHOICE TAX CREDIT
- 63-3029P · Priority of credits
- 63-3030 · Persons required to make returns of income
- 63-3030A · Mandate to compel return
- 63-3031 · Joint returns
- 63-3032 · Time for filing income tax returns
- 63-3033 · Extension of time
- 63-3034 · Payment of tax
- 63-3035 · State withholding tax on percentage basis — Withholding,…
- 63-3035A · State income tax withholding tax on lottery winnings
- 63-3035B · Joint power authorization
- 63-3035C · Revocation and suspension of withholding accounts — Penalties
- 63-3036 · State withholding tax for farmers
- 63-3036A · Payment of estimated tax
- 63-3036B · Pass-through entities — backup withholding
- 63-3037 · Information returns
- 63-3038 · Administration
- 63-3039 · Rules and regulations — Publication of statistics and law
- 63-3040 · Examination of return and determination of tax