Employer Tax Credits Available for PA 529, ABLE Contributions
SOURCE: PA CHAMBER OF BUSINESS & INDUSTRY
(Harrisburg) - According to a press release sent by State Treasurer Stacy Garrity, bipartisan state lawmakers, and the PA Chamber of Business & Industry, new tax credits will become available to Pennsylvania businesses beginning in January 2025. These credits, part of this year's state budget agreement, encourage employers to contribute to their employees’ PA 529 and PA ABLE accounts.
The PA 529 College and Career Savings Program assists families in saving for education costs, and the PA ABLE program helps individuals with disabilities save for related expenses. Starting in January, employers who contribute to their employees’ PA 529 and PA ABLE accounts can get a 25 percent tax credit on up to $500 in matching contributions per employee per year.
“This is a win for our workforce, our families, and the future of Pennsylvania’s economy,” said PA Chamber of Business & Industry President Luke Bernstein. “By working closely with bipartisan leaders, we have new innovative tools that will help workers save for education and disability-related expenses while also giving employers more opportunities to recruit the top talent they need to compete.”
Additionally, PA Chamber Senior Vice President for Government Affairs Alex Halper joined Sen. Camera Bartolotta, Rep. Kristin Marcell, Rep. Paul Friel, and Rep. Greg Scott for a press conference at the State Capitol to encourage employers to take advantage of these tax credits.
To view video and photos from the press conference, please click here.
###
Founded in 1916, the Pennsylvania Chamber of Business and Industry is the state's largest broad-based business association, with its membership comprising businesses of all sizes and across all industry sectors. The PA Chamber is The Statewide Voice of BusinessTM.
The Columbia Montour Chamber of Commerce, which represents more than 400 employers in Columbia and Montour Counties in support of vibrant, sustainable communities, is a proud member of the Pennsylvania Chamber of Business & Industry.