Idaho § 63-3029M
Full text of Idaho Idaho Statutes § 63-3029M, with citation guidance and answers to common questions.
§ 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.
[63-3029M, added 2020, ch. 244, sec. 1, p. 715.]
Frequently Asked Questions About Idaho § 63-3029M
What does Idaho Statutes § 63-3029M cover?
Section 63-3029M is part of the Idaho Statutes, the codified statutory law of Idaho. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Idaho § 63-3029M?
A common citation format is "Idaho Statutes § 63-3029M" (Idaho). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Idaho law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Idaho official source linked on this page or consult a licensed Idaho attorney.
How does Idaho § 63-3029M apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Idaho can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Idaho.