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