HARRISBURG – PA’s 529 Tax Credit bill, House Bill 1745 was incorporated into the recently passed Tax Code signed by the governor offering benefits to families and employers. The new tax credit incentivizes employers to contribute to their employees’ PA 529 College and Career Savings Program accounts. The PA 529 tax credit allows for a 25% tax credit on employer contributions of up to $500 per participating employee per year. This initiative encourages employers to support their employees’ educational savings, facilitating financial planning for future educational expenses. PA Treasurer Stacy Garrity responded that this will be a huge help to families across PA, and by offering this new benefit, the state will become an even more attractive place to work. The PA 529 program offers two savings plan options to cover various educational expenses.
