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GA HB962
GA HB962Georgia Higher Education Savings Plan; Board of Directors shall determine maximum contribution limit for savings trust accounts; provide
summary
Introduced
01/14/2026
01/14/2026
In Committee
03/06/2026
03/06/2026
Crossed Over
03/04/2026
03/04/2026
Passed
Dead
04/02/2026
04/02/2026
Introduced Session
2025-2026 Regular Session
Bill Summary
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.
AI Summary
This bill modifies the Georgia Higher Education Savings Plan by allowing the Board of Directors to set a flexible maximum contribution limit for savings trust accounts, replacing the previous fixed limit of $235,000, to better reflect current and future education costs. Additionally, it updates the tax code to allow for state income tax deductions on contributions to qualified tuition programs, which are savings plans for education expenses that are tax-exempt under Section 529 of the Internal Revenue Code, starting for tax years beginning on or after January 1, 2026, with specific deduction limits per beneficiary for individuals and joint filers.
Committee Categories
Budget and Finance, Education
Sponsors (6)
Carter Barrett (R)*,
Shaw Blackmon (R)*,
Stacey Evans (D)*,
Jan Jones (R)*,
Chuck Martin (R)*,
Bruce Williamson (R)*,
Last Action
Senate Read and Referred (on 03/06/2026)
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/72211 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20252026/239835 |
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