Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Retirement Security topic
No spam. Unsubscribe anytime.
House passes SB109 to create voluntary small-employer retirement program, offer tax credits
Summary
The House approved a substitute of SB109 to establish a voluntary Utah small-employer retirement account program, including a nonrefundable employer tax credit and a requirement that participating employees contribute at least $10 per pay period.
The Utah House passed a substitute of Senate Bill 109 to authorize a voluntary retirement program for small employers and create tax incentives to encourage participation.
Representative Frower, the House sponsor, said the program authorizes the state treasurer to set up a voluntary employee retirement account program and allows small employers access to nonrefundable tax credits for offering the plan. "It creates a nonrefundable tax credit for qualifying employer participants in certain retirement programs," Frower said, and described a $500 tax-credit incentive after an employer meets participation-promotion requirements.
Frower said the program targets small businesses with roughly 10 to 20 employees and requires employer documentation to receive the credit, including plan selection details, policy numbers and a minimum employee contribution of $10 per pay period.
The House approved the sixth substitute of SB109 by a recorded vote of 45 yes to 28 no; the bill will be returned to the Senate for signature or further consideration.
