Section 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.]Added by 2020 Session Laws, ch. 244,sec. 1, eff. 3/24/2020 (retroactive to 1/1/2020).