| 8 | | - | expenses; to amend Code Section 48-7-27 of the Official Code of Georgia Annotated,4 |
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| 9 | | - | relating to computation of taxable net income, so as to revise the deduction from income for5 |
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| 10 | | - | contributions to savings trust accounts established pursuant to Article 11 of Chapter 3 of Title6 |
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| 11 | | - | 20; to provide for a short title; to provide for related matters; to provide for an effective date;7 |
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| 12 | | - | to repeal conflicting laws; and for other purposes.8 |
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| 13 | | - | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:9 |
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| 14 | | - | SECTION 1.10 |
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| 15 | | - | This Act shall be known and may be cited as the "College Success 529 Expansion Act."11 |
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| 16 | | - | SECTION 2.12 |
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| 17 | | - | Article 11 of Chapter 3 of Title 20 of the Official Code of Georgia Annotated, relating to the13 |
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| 18 | | - | Georgia Higher Education Savings Plan, is amended by revising paragraph (1) of subsection14 |
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| 19 | | - | S. B. 469 (SUB) |
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| 20 | | - | - 1 - 24 LC 50 0857S |
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| 21 | | - | (b) of Code Section 20-3-634, relating to savings trust accounts, availability, and terms and15 |
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| 22 | | - | provisions, as follows:16 |
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| 23 | | - | "(1) The maximum and minimum contribution allowed on behalf of each beneficiary for17 |
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| 24 | | - | the payment of qualified higher education expenses at eligible institutions as defined in18 |
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| 25 | | - | Section 529 of the Internal Revenue Code of 1986 or other applicable federal law;19 |
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| 26 | | - | provided, however, that no additional contributions may be made to a savings trust20 |
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| 27 | | - | account when the total account balance for all accounts for the beneficiary equals or21 |
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| 28 | | - | exceeds $235,000.00 a reasonable maximum amount as determined by the board based22 |
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| 29 | | - | on current and anticipated education expenses;"23 |
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| 30 | | - | SECTION 3.24 |
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| 31 | | - | Code Section 48-7-27 of the Official Code of Georgia Annotated, relating to computation of25 |
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| 32 | | - | taxable net income, is amended by revising paragraph (11.1) of subsection (a) as follows:26 |
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| 33 | | - | "(11.1) For taxable years beginning on or after January 1, 2020 2025:27 |
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| 34 | | - | (A) An amount equal to the amount of contributions to a savings trust account28 |
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| 35 | | - | established pursuant to Article 11 of Chapter 3 of Title 20 on behalf of the designated29 |
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| 36 | | - | beneficiary, but not exceeding $4,000.00 $5,000.00 per beneficiary;30 |
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| 37 | | - | (B) If the contributor files a separate return or single return, the sum of contributions31 |
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| 38 | | - | constituting deductions on the contributor's return under this paragraph shall not exceed32 |
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| 39 | | - | $4,000.00 $5,000.00 per beneficiary;33 |
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| 40 | | - | (C) If the contributor files a joint return, the sum of contributions constituting34 |
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| 41 | | - | deductions on the contributor's return under this paragraph shall not exceed $8,000.0035 |
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| 42 | | - | $10,000.00 per beneficiary; and36 |
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| 43 | | - | (D) For purposes of this paragraph, contributions or payments for any such taxable37 |
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| 44 | | - | year may be made during or after such taxable year but on or before the deadline for38 |
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| 45 | | - | making contributions to an individual retirement account under federal law for such39 |
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| 46 | | - | taxable year;"40 |
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| 47 | | - | S. B. 469 (SUB) |
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| 48 | | - | - 2 - 24 LC 50 0857S |
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| 49 | | - | SECTION 4.41 |
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| 50 | | - | This Act shall become effective upon its approval by the Governor or upon its becoming law42 |
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| 51 | | - | without such approval. 43 |
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| 52 | | - | SECTION 5.44 |
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| 53 | | - | All laws and parts of laws in conflict with this Act are repealed.45 |
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| 54 | | - | S. B. 469 (SUB) |
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| 55 | | - | - 3 - |
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| 12 | + | expenses; to provide for a short title; to provide for related matters; to repeal conflicting4 |
|---|
| 13 | + | laws; and for other purposes.5 |
|---|
| 14 | + | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 |
|---|
| 15 | + | SECTION 1.7 |
|---|
| 16 | + | This Act shall be known and may be cited as the "College Success 529 Expansion Act."8 |
|---|
| 17 | + | SECTION 2.9 |
|---|
| 18 | + | Article 11 of Chapter 3 of Title 20 of the Official Code of Georgia Annotated, relating to the10 |
|---|
| 19 | + | Georgia Higher Education Savings Plan, is amended by revising paragraph (1) of subsection11 |
|---|
| 20 | + | (b) of Code Section 20-3-634, relating to savings trust accounts, availability, and terms and12 |
|---|
| 21 | + | provisions, as follows:13 |
|---|
| 22 | + | "(1) The maximum and minimum contribution allowed on behalf of each beneficiary for14 |
|---|
| 23 | + | the payment of qualified higher education expenses at eligible institutions as defined in15 |
|---|
| 24 | + | Section 529 of the Internal Revenue Code of 1986 or other applicable federal law;16 |
|---|
| 25 | + | S. B. 469 |
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| 26 | + | - 1 - 24 SB 469/FA |
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| 27 | + | provided, however, that no additional contributions may be made to a savings trust |
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| 28 | + | 17 |
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| 29 | + | account when the total account balance for all accounts for the beneficiary equals or18 |
|---|
| 30 | + | exceeds $235,000.00 |
|---|
| 31 | + | a reasonable maximum amount as determined by the board based19 |
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| 32 | + | on current and anticipated education expenses;"20 |
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| 33 | + | SECTION 3.21 |
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| 34 | + | All laws and parts of laws in conflict with this Act are repealed.22 |
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| 35 | + | S. B. 469 |
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| 36 | + | - 2 - |
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