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GA HB802

Bill

Official Source

Status

Passed

5/3/2016

Primary Sponsor

Sam Teasley

Click for details

Origin

House of Representatives

2015-2016 Regular Session

AI Summary

  • Doubles the Georgia state income tax deduction for contributions to savings trust accounts (529 plans) from $2,000.00 to $4,000.00 per beneficiary for taxpayers filing joint returns
  • Maintains the existing $2,000.00 per beneficiary deduction cap for taxpayers filing separate or single returns
  • Contributions for a given taxable year may be made during or after the taxable year, up to the federal deadline for individual retirement account contributions
  • Applies to all taxable years beginning on or after January 1, 2016
  • Amends Code Section 48-7-27 of the Official Code of Georgia Annotated, relating to computation of taxable net income

Legislative Description

Revenue and taxation; deduction from income for contributions to savings trust accounts; revise

Last Action

Effective Date

5/3/2016

Full Bill Text

No bill text available