Georgia CommonsHB 962: Georgia Higher Education Savings Plan; Board of Directors shall determine maximum contribution limit for savings trust accounts; provide
Introduced version, the latest LegiScan holds · Last action March 6, 2026 · Engrossed
The text as LegiScan holds it, read from the PDF the legislature publishes with its margin line numbers, running heads, and page footers removed. Line breaks are joined into paragraphs here; no word is changed.
Underlined words are what the bill adds to current law and struck-through words are what it removes, as the printed bill shows them.
House Bill 962
By: Representatives Martin of the 49th, Barrett of the 24th, Jones of the 47th, Williamson of the 112th, Blackmon of the 146th, and others
A BILL TO BE ENTITLED
AN ACT
To amend Code Section 20-3-634 of the Official Code of Georgia Annotated, relating to savings trust accounts, availability, and terms and provisions relative to the Georgia Higher Education Savings Plan, so as to provide that the Board of Directors of the Georgia Higher Education Savings Plan shall determine the maximum contribution limit for savings trust accounts; to amend Code Section 48-7-27, relating to computation of taxable net income, so as to modify an exemption from taxable net income for contributions to certain education savings plans; to provide for an effective date and applicability; to provide for related matters; to repeal conflicting laws; and for other purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION 1.
Code Section 20-3-634 of the Official Code of Georgia Annotated, relating to savings trust accounts, availability, and terms and provisions relative to the Georgia Higher Education Savings Plan, is amended by revising paragraph (1) of subsection (b) as follows: "(1) The maximum and minimum contribution allowed on behalf of each beneficiary for the payment of qualified higher education expenses at eligible institutions as defined in Section 529 of the Internal Revenue Code of 1986 or other applicable federal law; provided, however, that no additional contributions may be made to a savings trust account when the total account balance for all accounts for the beneficiary equals or exceeds $235,000.00 a reasonable maximum amount as determined by the board based on current and anticipated education expenses;"
SECTION 2.
Code Section 48-7-27 of the Official Code of Georgia Annotated, relating to computation of taxable net income, is amended by revising paragraph (11.1) of subsection (a) as follows: "(11.1) For taxable years beginning on or after January 1, 2020 2026:
(A) An amount equal to the amount of contributions to a savings trust account established pursuant to Article 11 of Chapter 3 of Title 20 qualified tuition program established and maintained by a state or agency or instrumentality thereof which is exempt from taxation pursuant to Section 529 of the Internal Revenue Code of 1986 on behalf of the designated beneficiary, but not exceeding $4,000.00 per beneficiary;
(B) If the contributor files a separate return or single return, the sum of contributions constituting deductions on the contributor's return under this paragraph shall not exceed $4,000.00 per beneficiary;
(C) If the contributor files a joint return, the sum of contributions constituting deductions on the contributor's return under this paragraph shall not exceed $8,000.00 per beneficiary; and
(D) For purposes of this paragraph, contributions or payments for any such taxable year may be made during or after such taxable year but on or before the deadline for making contributions to an individual retirement account under federal law for such taxable year;"
SECTION 3.
(a) This Act shall become effective upon its approval by the Governor or upon its becoming law without such approval.
(b) Section 2 of this Act shall be applicable to all tax years beginning on or after January 1, 2026.
SECTION 4.
All laws and parts of laws in conflict with this Act are repealed.