24 SB 469/FA
Senate Bill 469
By: Senators Esteves of the 6th, Hufstetler of the 52nd, Butler of the 55th, Gooch of the 51st,
Parent of the 42nd and others
AS PASSED SENATE
A BILL TO BE ENTITLED
AN ACT
To amend Article 11 of Chapter 3 of Title 20 of the Official Code of Georgia Annotated,
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relating to the Georgia Higher Education Savings Plan, so as to revise the maximum amount2
of contributions allowed per beneficiary of savings trust accounts for higher education3
expenses; to provide for a short title; to provide for related matters; to repeal conflicting4
laws; and for other purposes.5
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6
SECTION 1.7
This Act shall be known and may be cited as the "College Success 529 Expansion Act."8
SECTION 2.9
Article 11 of Chapter 3 of Title 20 of the Official Code of Georgia Annotated, relating to the10
Georgia Higher Education Savings Plan, is amended by revising paragraph (1) of subsection11
(b) of Code Section 20-3-634, relating to savings trust accounts, availability, and terms and12
provisions, as follows:13
"(1) The maximum and minimum contribution allowed on behalf of each beneficiary for14
the payment of qualified higher education expenses at eligible institutions as defined in15
Section 529 of the Internal Revenue Code of 1986 or other applicable federal law;16
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provided, however, that no additional contributions may be made to a savings trust
17
account when the total account balance for all accounts for the beneficiary equals or18
exceeds $235,000.00
a reasonable maximum amount as determined by the board based19
on current and anticipated education expenses;"20
SECTION 3.21
All laws and parts of laws in conflict with this Act are repealed.22
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