HARRISBURG – Sen. Tracy Pennycuick (R-24) announced that the Pennsylvania Senate passed legislation that was signed into law to help families save for educational expenses and costs for those with disabilities.
Beginning January 2025, a tax credit will encourage employers to contribute to their employees’ PA 529 College and Career Savings Program accounts and PA ABLE accounts. Employers will receive a 25% tax credit on matching employer contributions of up to $500 per employee per year.
“College costs are putting higher education out of reach for many Pennsylvanians. The law further helps employers offer their employees a significant benefit so they can attract the best workers while receiving a financial incentive themselves,” said Sen. Pennycuick.
CONTACT: Lidia Di Fiore (215) 541-2388