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GA HB664

Bill

Official Source

Status

Engrossed

2/23/2018

Primary Sponsor

Sam Teasley

Click for details

Origin

House of Representatives

2017-2018 Regular Session

AI Summary

  • Doubles the Georgia state income tax deduction for contributions to savings trust accounts (529 education savings plans) from $2,000 to $4,000 per beneficiary for single or separate filers
  • Doubles the deduction for joint filers from $4,000 to $8,000 per beneficiary
  • Applies to taxable years beginning on or after January 1, 2018
  • Contributions may be made during or after the taxable year, so long as they are made before the federal IRA contribution deadline for that year
  • Amends Code Section 48-7-27 of the Official Code of Georgia Annotated, relating to computation of taxable net income

Legislative Description

Income tax; deduction from income for contributions to savings trust accounts; revise

Last Action

Senate Tabled

3/27/2018

Full Bill Text

No bill text available