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GA HB1007
Bill
Status
Introduced
2/17/2014
Primary Sponsor
Amy Carter
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AI Summary
- Repeals existing Code Section 20-3-409 governing taxpayer contributions to student loan funds and replaces it with new Code Section 20-3-316.1
- Requires Georgia income tax return forms for taxable years beginning on or after January 1, 2015, to include an option for taxpayers to contribute to nonprofit corporations that assist students with educational expenses
- Allows taxpayers to contribute by donating all or part of their tax refund or by adding an amount above their tax owed to their payment
- Directs the Department of Revenue to annually determine the total amount contributed and transmit those funds to the authority for even division among the nonprofit corporations established under subparagraph (Y) of paragraph (1) of Code Section 20-3-316
- Shifts the distribution mechanism for taxpayer-contributed student aid funds from the prior student loan fund structure to designated nonprofit corporations
Legislative Description
Postsecondary education; distribution of funds contributed by taxpayers to student loan funds; change
Last Action
House Committee Favorably Reported
2/26/2014
Full Bill Text
No bill text available