Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2021 | Updated by FindLaw Staff
1. An employer is entitled to a credit against the excise tax imposed on the employer pursuant to NRS 363A.130 if:
(a) The employer makes a contribution to the Nevada Higher Education Prepaid Trust Fund created by NRS 353B.140 on behalf of a qualified beneficiary on whose behalf a prepaid tuition contract is drawn pursuant to NRS 353B.100 and the contribution matches a contribution made on behalf of the qualified beneficiary by an employee of the employer; or
(b) The employer makes a contribution to a savings trust account in the Nevada College Savings Trust Fund created by NRS 353B.340 and the contribution matches a contribution made to the savings trust account by an employee of the employer.
2. A credit described in subsection 1 must be in an amount equal to 25 percent of the matching contribution but may not exceed $500 per contributing employee per year.
3. A credit described in subsection 1 may not be applied retroactively. If the amount of a credit exceeds the tax liability of an employer for a year, the excess may be applied to the tax liability of the employer for 5 years after the year in which the matching contribution was made. A credit applied pursuant to this subsection must be applied during the earliest year for which the employer has a tax liability. If credits for more than 1 year are available to an employer pursuant to this subsection, the credit from the earliest year must be applied first.
4. An employer claiming a credit pursuant to this section shall maintain any record required by the Department regarding the matching contribution for which the credit is claimed.
5. A contribution made by an employer as described in subsection 1 is the property of the employee whose contribution is being matched and may not be claimed in any manner by the employer.
6. As used in this section:
(a) “Prepaid tuition contract” has the meaning ascribed to it in NRS 353B.030.
(b) “Qualified beneficiary” has the meaning ascribed to it in NRS 353B.050.
Cite this article: FindLaw.com - Nevada Revised Statutes Title 32. Revenue and Taxation § 363A.137. Payroll tax: Credit for matching employee contributions to prepaid tuition contracts and college savings trust accounts - last updated January 01, 2021 | https://codes.findlaw.com/nv/title-32-revenue-and-taxation/nv-rev-st-363a-137/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)