Nev. Rev. Stat. § 363B.117 — Credit for matching employee contributions to prepaid tuition contracts and college savings trust accounts

NRS  363B.117    Credit for matching employee contributions to prepaid tuition
contracts and college savings trust accounts.
1.  An employer is entitled to a credit
against the excise tax imposed on the employer pursuant to NRS 363B.110 if:
(a) The employer makes a contribution to the
Nevada Higher Education Prepaid Trust Fund created by NRS 353B.140 on behalf of a qualified
beneficiary on whose behalf a prepaid tuition contract is drawn pursuant to NRS 353B.100 and the contribution matches
that made on behalf of the qualified beneficiary by an employee of the
employer; or
(b) The employer makes a contribution to a
savings trust account in the Nevada College Savings Trust Fund created by NRS 353B.340 and the contribution matches
that made to the savings trust account by an employee of the employer.
2.  A credit described in subsection 1 must
be in an amount equal to 25 percent of the matching contribution but may not
exceed $500 per contributing employee per year.
3.  A credit described in subsection 1 may
not be applied retroactively. If the amount of a credit exceeds the tax
liability of an employer for a year, the excess may be applied to the tax
liability of the employer for 5 years after the year in which the matching
contribution was made. A credit applied pursuant to this subsection must be
applied during the earliest year for which the employer has a tax liability. If
credits for more than 1 year are available to an employer pursuant to this
subsection, the credit from the earliest year must be applied first.
4.  An employer claiming a credit pursuant
to this section shall maintain any record required by the Department regarding
the matching contribution for which the credit is claimed.
5.  A contribution made by an employer as
described in subsection 1 is the property of the employee whose contribution is
being matched and may not be claimed in any manner by the employer.
6.  As used in this section:
(a) “Prepaid tuition contract” has the meaning
ascribed to it in NRS 353B.030 .
(b) “Qualified beneficiary” has the meaning
ascribed to it in NRS 353B.050 .