HARRISBURG,Fastexy Exchange Pa. (AP) — To offset the burden of student debt, employers in Pennsylvania could get a tax credit if they make contributions to their employees’ tuition savings account, under a bill that passed the Pennsylvania House of Representatives on Wednesday.
The legislation, which passed unanimously and now goes on to the state Senate, would allow employers to contribute up to $500 to an employee’s tuition savings account annually for a tax credit equal to 25% of the employer’s total contributions.
Tuition savings accounts, like the 529 plan, can be used for educational expenses — like tuition, room and board, books — at K-12 schools, college or career training programs and are meant to lower future borrowing.
Sponsors for the bill say with student debt totaling $1.77 trillion nationally, the legislation would help reduce the financial burden on students.
Pennsylvania ranks nearly last in just about every measure for college affordability. Tuition rates are high, students leave encumbered with more debt and the state gives less to higher education than others.
Employers that make contributions would have to do so equally to all employees who have tuition savings accounts.
The Department of Revenue estimates there are roughly 600,000 tuition savings accounts owned by Pennsylvania employees. The state would see an estimated $65.7 million cost annually, if each eligible account received the maximum contribution.
2025-05-05 05:14552 view
2025-05-05 05:011492 view
2025-05-05 04:43905 view
2025-05-05 04:122538 view
2025-05-05 04:01846 view
2025-05-05 02:5987 view
Nearly half of American teenagers say they are online “constantly” despite concerns about the effect
MADISON, Wis. (AP) — The Wisconsin state Senate is poised to approve a plan to spend more than half
WELLINGTON, New Zealand (AP) — Vote checkers in New Zealand have been so overwhelmed by foreign inte