Under current law, any contributions made by an employer to a Trump Account on behalf of an employee, or dependent of an employee pursuant to 26 U.S.C. § 530A, shall be included in gross income of the employee. Under expiring law, an individual taxpayer is allowed an exclusion from gross income for amounts paid by their employer on any qualified education loan pursuant to 26 U.S.C. § 127(c)(1)(B). This bill would exclude contributions by the employer to Trump Accounts from the gross income of an individual taxpayer and make the exclusion for amounts paid by an employer on qualified education loans permanent for individual taxpayers.

Statutes affected:
Introduced: 40-18-14, 40-18-14