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GA SB491
Bill
Status
Engrossed
3/15/2022
Primary Sponsor
Gail Davenport
Click for details
AI Summary
- Creates a qualified down payment savings program under Georgia's Department of Banking and Finance, allowing individuals to open accounts at certified banks or credit unions to save for the purchase of a principal residence, including closing costs
- Limits account balances to a maximum of $100,000 and restricts contributions to cash only; account holders may redirect investments no more than two times per calendar year
- Excludes distributions and earnings from gross income for state tax purposes when used for qualified down payment expenses; distributions exceeding qualified expenses are includable in gross income
- Prohibits any interest in the program from being used as security for a loan and requires separate accounting for each designated beneficiary
- Directs the Department of Banking and Finance to develop, implement, and regulate the program, including authorizing participating banks and credit unions through formal agreements
Legislative Description
Revenue and Taxation; a qualified down payment savings program to be implemented by the Department of Revenue; create
Last Action
House Second Readers
3/17/2022
Committee Referrals
Ways and Means3/16/2022
Banking and Financial Institutions2/11/2022
Full Bill Text
No bill text available