Nevada's legislature is getting on the college savings plan bandwagon. Or at least they are pushing the state's employers to get on it. The state's governor -- Brian Sandoval -- has put his signature on a bill offering a new tax credit for employers that match their employees 529 plan contributions.

Senate Bill 412 gives a tax credit to employers who make a matching contribution to employees participating in a qualified 529 college savings plan. The bill will allow a 25 percent tax credit on match contributions up to $500 per employee.

The tax credit will be effective January 1, 2016.

Ascensus is the administrator to the three Nevada plans: SSgA Upromise 529 Plan[profile], USAA 529 College Savings Plan[profile] and the Vanguard 529 Savings Plan[profile].

Putnam Investments[profile] manages a fourth program for the state (the Putnam 529 for America).

Nevada state treasurer, Dan Schwartz, stated that this credit is another tool for "longer-term financial planning" and "we have seen how the 401(k) industry has dramatically improved the nation's retirement landscape."

State Senator Beck Harris (R-Nevada) calls this bill "a game changer." Harris co-sponsored the bill with Mark Lipparelli.  

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