Tax Expert Noel Spencer: Start-up Costs for Small Employer Pension Plan

Are employers allowed a tax credit equal to 50% of their qualified start-up costs for setting up a new retirement account and is it true that the credit cannot exceed $500?

Yes. An employer is allowed a tax credit of 50% of their start-up costs for setting up a new retirement plan. The credit cannot exceed $500 and is part of the general business credit. The credit applies to 50% of the first $1,000 of qualified expenses for each of the first three years of the plan (§45E).

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