West Montgomery Times

Senator Tracy Pennycuick announced that the Pennsylvania Senate has passed a new law aimed at assisting families in saving for educational expenses and costs associated with disabilities. The legislation, which will take effect in January 2025, introduces a tax credit designed to incentivize employers to contribute to their employees' PA 529 College and Career Savings Program accounts as well as PA ABLE accounts.

Under this new law, employers will be eligible for a 25% tax credit on matching contributions they make, up to $500 per employee annually. This initiative is intended to encourage more substantial employer participation in helping employees save for education-related expenses.