Plain English Breakdown
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Georgia Higher Education Savings Plan Act: Raising Contribution Limits
This bill changes Georgia law to raise the maximum amount of money that can be contributed per beneficiary in savings trust accounts for higher education expenses.
What This Bill Does
- Raises the maximum contribution limit allowed per beneficiary for savings trust accounts used for higher education expenses.
- Amends Code Section 20-3-634 of the Official Code of Georgia Annotated regarding these plans.
- Updates terms and provisions under the 'Georgia Higher Education Savings Plan Act.'
- Repeals any existing laws that conflict with this new limit.
Who It Names or Affects
- People who save money in savings trust accounts for higher education expenses in Georgia.
- Beneficiaries of these plans, such as students attending college or university.
Limits and Unknowns
- The official text does not state the specific dollar amount of the new maximum contribution limit.
- The exact effective date for when this law starts is listed in the bill's purpose but not provided in the summary or metadata.