ROMEOVILLE, Ill. – In order to incentivize businesses to help their employees save for college, state Rep. Natalie Manley, D-Joliet, helped pass legislation out of the House of Representatives extending a tax credit for businesses that contribute to employee college saving plans.
“With college expenses a major barrier to entry for many working people, it is important that we are providing ample resources to those looking to pursue a higher education,” said Manley. “Incentivizing companies to pitch in to their employees’ college saving plans is a great way to help residents achieve their goals.”
Manley voted in favor of the bipartisan Senate Bill 340, which extends a tax credit given to employers matching an employee’s contribution to a qualified college savings account from Dec. 31, 2021 to Dec. 31, 2024. Employers receive a tax credit equal to 25% of the employee’s contribution up to $500 per employee.
Manley has been a strong supporter of helping residents pursue a higher education. This session, she supported the Know Before you Owe Act, which protects students from taking on unnecessary and expensive private loans when they are still eligible for federal loans, which generally have more favorable interest rates. Manley has also held Financial Aid Seminars in the past, helping parents and students maximize their potential savings.
“When it comes to investing in the future, there is little more important than ensuring that those who want to go to college have the ability to do so,” said Manley. “Not only does this enrich the lives of residents, it also makes Illinois a more attractive place for companies and helps grow our economy.”