Page 562

House Bill No. 5506

Public Act No. 22-118 562 of 739

gross receipts of not more than five million dollars for the calendar or income year, as applicable, for which a credit under this section is allowed. (b) (1) For calendar or income years commencing on and after January 1, 2022, each qualified employer that employs a qualified employee and makes a payment directly to the authority on behalf of such qualified employee on an eligible education loan [on behalf of such qualified employee] that was used to finance the qualified employee's attendance at an institution of higher education may claim a credit against the tax imposed under this chapter or chapter 207. Such credit shall be granted in an amount equal to fifty per cent of the amount of payments made to the outstanding principal balance of such loans by the qualified employer during the calendar or income year, provided (A) the credit shall not be allowed against the tax imposed under this chapter and chapter 207 for the same loan payment, and (B) the amount of credit allowed for any calendar or income year with respect to a specific qualified employee shall not exceed two thousand six hundred twenty- five dollars. (2) A qualified employer may claim the credit under subdivision (1) of this subsection for a payment made during the part of the calendar or income year the qualified employee worked and resided in the state, provided a qualified employee who worked and resided in the state for any part of a month shall be deemed to have worked and resided in the state for the entire month for purposes of this section. (c) A qualified employer that claims the credit under subsection (b) of this section shall provide any documentation required by the [Commissioner of Revenue Services] commissioner in a form and manner prescribed by the commissioner. (d) (1) A qualified small business may apply to the commissioner in accordance with the provisions of subdivision (2) of this subsection to