25 LC 50 1075
Senate Bill 266
By: Senators Esteves of the 35th, Gooch of the 51st, Brass of the 6th, Jones II of the 22nd,
Still of the 48th and others
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 for contributions5
to savings trust accounts; to provide for a short title; to provide for related matters; to provide6
for an effective date; to repeal conflicting laws; and for other purposes.7
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:8
SECTION 1.9
This Act shall be known and may be cited as the "College Success 529 Expansion Act."10
SECTION 2.11
Article 11 of Chapter 3 of Title 20 of the Official Code of Georgia Annotated, relating to the12
Georgia Higher Education Savings Plan, is amended by revising paragraph (1) of subsection13
(b) of Code Section 20-3-634, relating to savings trust accounts, availability, and terms and14
provisions, as follows:15
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"(1) The maximum and minimum contribution allowed on behalf of each beneficiary for
16
the payment of qualified higher education expenses at eligible institutions as defined in17
Section 529 of the Internal Revenue Code of 1986 or other applicable federal law;18
provided, however, that no additional contributions may be made to a savings trust19
account when the total account balance for all accounts for the beneficiary equals or20
exceeds $235,000.00
a reasonable maximum amount as determined by the board based21
on current and anticipated education expenses;"22
SECTION 3.23
Code Section 48-7-27 of the Official Code of Georgia Annotated, relating to computation of24
taxable net income, is amended by revising paragraph (11.1) of subsection (a) as follows:25
"(11.1) For taxable years beginning on or after January 1, 2020 2026:26
(A) An amount equal to the amount of contributions to a savings trust account27
established pursuant to Article 11 of Chapter 3 of Title 20 on behalf of the designated28
beneficiary, but not exceeding $4,000.00 $5,000.00 per beneficiary;29
(B) If the contributor files a separate return or single return, the sum of contributions30
constituting deductions on the contributor's return under this paragraph shall not exceed31
$4,000.00 $5,000.00 per beneficiary;32
(C) If the contributor files a joint return, the sum of contributions constituting33
deductions on the contributor's return under this paragraph shall not exceed $8,000.0034
$10,000.00 per beneficiary; and35
(D) For purposes of this paragraph, contributions or payments for any such taxable36
year may be made during or after such taxable year but on or before the deadline for37
making contributions to an individual retirement account under federal law for such38
taxable year;"39
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SECTION 4.
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This Act shall become effective upon its approval by the Governor or upon its becoming law41
without such approval. 42
SECTION 5.43
All laws and parts of laws in conflict with this Act are repealed.44
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