NRS 363A.137
Payroll tax: Credit for matching employee contributions to prepaid tuition contracts and college savings trust accounts.

1.

An employer is entitled to a credit against the excise tax imposed on the employer pursuant to NRS 363A.130 if:

(a)

The employer makes a contribution to the Nevada Higher Education Prepaid Trust Fund created by NRS 353B.140 on behalf of a qualified beneficiary on whose behalf a prepaid tuition contract is drawn pursuant to NRS 353B.100 and the contribution matches a contribution made on behalf of the qualified beneficiary by an employee of the employer; or

(b)

The employer makes a contribution to a savings trust account in the Nevada College Savings Trust Fund created by NRS 353B.340 and the contribution matches a contribution made to the savings trust account by an employee of the employer.

2.

A credit described in subsection 1 must be in an amount equal to 25 percent of the matching contribution but may not exceed $500 per contributing employee per year.

3.

A credit described in subsection 1 may not be applied retroactively. If the amount of a credit exceeds the tax liability of an employer for a year, the excess may be applied to the tax liability of the employer for 5 years after the year in which the matching contribution was made. A credit applied pursuant to this subsection must be applied during the earliest year for which the employer has a tax liability. If credits for more than 1 year are available to an employer pursuant to this subsection, the credit from the earliest year must be applied first.

4.

An employer claiming a credit pursuant to this section shall maintain any record required by the Department regarding the matching contribution for which the credit is claimed.

5.

A contribution made by an employer as described in subsection 1 is the property of the employee whose contribution is being matched and may not be claimed in any manner by the employer.

6.

As used in this section:

(a)

“Prepaid tuition contract” has the meaning ascribed to it in NRS 353B.030.

(b)

“Qualified beneficiary” has the meaning ascribed to it in NRS 353B.050.

Source: Section 363A.137 — Payroll tax: Credit for matching employee contributions to prepaid tuition contracts and college savings trust accounts., https://www.­leg.­state.­nv.­us/NRS/NRS-363A.­html#NRS363ASec137.

Last Updated

Jun. 24, 2021

§ 363A.137’s source at nv​.us