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2011 SESSION
SB 1473 Business Assistance, Department of; job retraining account program created within Department.
Introduced by: L. Louise Lucas | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
Department of Business Assistance; job retraining accounts; tax exemptions. Allows an individual to open a job retraining account through the Department of Business Assistance. The account would be a trust or savings account administered by the Department and would be used by the individual for expenses related to job retraining. An individual's employer would be authorized to make matching contributions to the account and would be eligible for a tax deduction for the contributions to the extent that the contribution was included in the employer's federal taxable income. The bill contains a reenactment clause.
SUMMARY AS INTRODUCED:
Department of Business Assistance; job retraining accounts; tax exemptions. Allows an individual to open a job retraining account through the Department of Business Assistance. The account would be a trust or savings account administered by the Department and would be used by the individual for expenses related to job retraining. An individual's employer would be authorized to make matching contributions to the account and would be eligible for a tax deduction for the contributions to the extent that the contribution was included in the employer's federal taxable income.