SB 1136 - For all tax years beginning on or after January 1, 2023, this act authorizes a tax credit for taxpayers who provide educational assistance to employees who are residents of this state. Educational assistance, as defined in federal law, is defined as payment by the taxpayer of principal or interest on qualified education loans, as defined in federal law, incurred by the employee for the education of the employee.

The amount of the tax credit shall not exceed, per employee, the maximum amount of educational assistance that may be excluded from income for federal tax purposes by employees, which is currently $5,250.

To be eligible for a tax credit, a taxpayer shall be a sole proprietorship, partnership, limited liability company, corporation, or charitable organization that maintains an educational assistance program as described in federal law.

JOSH NORBERG