summary
Introduced
02/08/2024
02/08/2024
In Committee
03/13/2024
03/13/2024
Crossed Over
02/29/2024
02/29/2024
Passed
Dead
03/28/2024
03/28/2024
Introduced Session
Potential new amendment
2023-2024 Regular Session
Bill Summary
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 from income for contributions to savings trust accounts established pursuant to Article 11 of Chapter 3 of Title 20; 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.
AI Summary
This bill, the "College Success 529 Expansion Act," amends Georgia's Higher Education Savings Plan to increase the maximum contribution limit per beneficiary for savings trust accounts used to pay for qualified higher education expenses. It also raises the annual income tax deduction limit for contributions to these savings accounts from $4,000 to $5,000 for individual filers and from $8,000 to $10,000 for joint filers, starting in 2025. The bill aims to make it easier for Georgians to save for their children's or grandchildren's college education.
Committee Categories
Education
Sponsors (16)
John Albers (R)*,
Gloria Butler (D)*,
Shelly Echols (R)*,
Jason Esteves (D)*,
Steve Gooch (R)*,
Sonya Halpern (D)*,
Chuck Hufstetler (R)*,
Kim Jackson (D)*,
Harold Jones (D)*,
Derek Mallow (D)*,
Josh McLaurin (D)*,
Nikki Merritt (D)*,
Nan Orrock (D)*,
Elena Parent (D)*,
Brian Strickland (R)*,
Marcus Wiedower (R),
Last Action
House Disagreed Senate Amend or Sub (on 03/28/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.ga.gov/legislation/66806 |
| Floor amend 1 AM 47 0114 | https://www.legis.ga.gov/api/legislation/document/20232024/228876 |
| Fiscal Note | https://www.legis.ga.gov/api/legislation/document/20232024/228499 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/227361 |
| Floor amend 1 AM 50 0061 | https://www.legis.ga.gov/api/legislation/document/20232024/226035 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/226180 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/223327 |
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