Coeur d’Alene Rep. Paul Amador introduced a new bill into the Idaho House Revenue and Taxation Committee in the hopes of local businesses offering Idaho families education savings accounts.

House Bill 550 would provide income tax credits for employer contributions to Idaho college savings program accounts. Commonly known as 529s and tethered to the spirit of the IDeal Education Savings Account program, the accounts give tax advantages for families who invest in education-related expenses, either for higher education or for private and religious school tuition.

“Traditionally and in most states, 529s are individual accounts,” Amador told The Press on Tuesday. “[For example,] a family member funds a 529 account for a child. The parent then receives a tax benefit in that they can deduct their investment into the 529 from their Idaho income taxes.”

Amador added that under the bill, all growth earnings are tax-free, so long as they are used for qualified educational expenses. The bill would give a business a maximum credit of $500 per employee per year, signifying 20 percent of an income or corporate tax credit on up to $2,500 per employee per year.

“Obviously this legislation is intended to encourage more individuals to invest in their education and professional development, and their children’s education,” Amador said.

House Bill 550 has been referred to Revenue and Taxation. No hearing had been scheduled as of press time.