Nevada § 363B.117 - Credit for matching employee contributions to prepaid tuition contracts and college savings trust accounts

§ 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 .