Bill > SB266

This bill, known as the "College Success 529 Expansion Act," makes changes to Georgia's higher education savings plan (529 plan) to increase contribution limits and tax deductions. The bill modifies the maximum account balance limit for a 529 savings trust account from a fixed $235,000 to a more flexible "reasonable maximum amount" determined by the board based on current and anticipated education expenses. Additionally, the bill increases tax deduction limits for contributions to these accounts, raising the per-beneficiary deduction from $4,000 to $5,000 for individual filers, and from $8,000 to $10,000 for joint filers, with these changes taking effect for tax years beginning on or after January 1, 2026. The goal of these modifications is to provide more flexibility and financial support for families saving for higher education expenses, allowing them to contribute more money to 529 savings accounts and receive greater tax benefits. The bill will become effective upon approval by the Governor or upon becoming law without such approval.

Budget and Finance

https://www.legis.ga.gov/legislation/70836