Nonrefundable tax credit for small employer's participation in retirement.
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(1) As used in this section:
(a) "Participating employer" means a small employer that offers a qualified plan to the employer's employees for voluntary enrollment.
(b) "Qualified plan" means a retirement plan that meets the requirements of the Employee Retirement Income Security Act of 1974, 29 U.S.C. Sec. 1001 et seq.
(c) "Small employer" means an employer in the state that has at least 10, but fewer than 20 employees who work in the state.
(2) For a taxable year that begins on or after January 1, 2018, and before January 1, 2019, a participating employer may claim a $500 nonrefundable tax credit for the taxable year in which the participating employer first offers a qualified plan.
(3) A participating employer may not carry forward or carry back a tax credit described in this section.
Technically renumbered to avoid duplication of section number also enacted in SB267, Chapter 274.