Westmoreland Review

Employers in Pennsylvania can now benefit from tax credits through the PA 529 and PA ABLE programs, aimed at encouraging savings for education and disability-related expenses. This initiative stems from a bipartisan measure passed earlier this year.

The PA 529 College and Career Savings Program allows families to save for future educational costs, such as tuition and books, with contributions being free from federal and state income taxes. New legislation, House Bill 1745 of 2024, enacted as Act 56 of 2024, provides Pennsylvania employers with a 25% tax credit on up to $500 in matching contributions per employee per year when they contribute to their employees' PA 529 accounts.

Similarly, the PA ABLE (Achieving a Better Life Experience) Program offers a tax-free way for individuals with disabilities to save for related expenses. Employers contributing to these accounts can also earn tax credits. "I consider this a new and innovative tool that helps businesses attract talented staff," stated the release.

Both programs are managed by the Pennsylvania Treasury Department. More information is available at PA529.com and PAABLE.gov.

In other news, Veterans Day will be observed on November 11th. Originally known as Armistice Day, it was renamed Veterans Day in 1954 to honor veterans of all wars. Resources for veterans are available at dmva.pa.gov.

Additionally, America250PA has begun accepting applications for semiquincentennial grants celebrating the United States' upcoming 250th anniversary. The deadline for applications is December 15th.

The Pennsylvania Housing Finance Agency (PHFA) is also seeking applications for projects under the PHARE Fund to improve housing availability across the state. Applications must be submitted online by November 15th.

For more details on these initiatives or inquiries about legislative matters, contact Representative Jill Cooper's office or visit RepJillCooper.com.