Georgia CommonsSB 266: "College Success 529 Expansion Act"; enact
Introduced version, the latest LegiScan holds · Last action February 27, 2025 · Introduced
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.
Senate Bill 266
By: Senators Esteves of the 35th, Gooch of the 51st, Brass of the 6th, Jones II of the 22nd, Still of the 48th and others
A BILL TO BE ENTITLED
AN ACT
To amend Article 11 of Chapter 3 of Title 20 of the Official Code of Georgia Annotated, relating to the Georgia Higher Education Savings Plan, so as to revise the maximum amount of contributions allowed per beneficiary of savings trust accounts for higher education expenses; to amend Code Section 48-7-27 of the Official Code of Georgia Annotated, relating to computation of taxable net income, so as to revise the deduction for contributions to savings trust accounts; to provide for a short title; to provide for related matters; to provide for an effective date; to repeal conflicting laws; and for other purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION 1.
This Act shall be known and may be cited as the "College Success 529 Expansion Act."
SECTION 2.
Article 11 of Chapter 3 of Title 20 of the Official Code of Georgia Annotated, relating to the Georgia Higher Education Savings Plan, is amended by revising paragraph (1) of subsection
(b) of Code Section 20-3-634, relating to savings trust accounts, availability, and terms and provisions, 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 3.
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 on behalf of the designated beneficiary, but not exceeding $4,000.00 $5,000.00 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 $5,000.00 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 $10,000.00 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 4.
This Act shall become effective upon its approval by the Governor or upon its becoming law without such approval.
SECTION 5.
All laws and parts of laws in conflict with this Act are repealed.