Plain English Breakdown
The bill summary states provisions for an effective date and applicability, but no specific date is listed in the provided metadata or text excerpt.
Georgia Higher Education Savings Plan Contribution Limits and Tax Exemptions
This law requires the Board of Directors to set maximum contribution limits for savings trust accounts and modifies state tax exemptions for contributions to certain education savings plans.
What This Bill Does
- Requires the Board of Directors of the Georgia Higher Education Savings Plan to determine the maximum contribution limit for savings trust accounts.
- Amends Code Section 20-3-634 regarding terms and provisions relative to these savings trust accounts.
- Modifies Code Section 48-7-27, which relates to how taxable net income is calculated.
- Changes the exemption from taxable net income for contributions made to certain education savings plans.
Who It Names or Affects
- The Board of Directors of the Georgia Higher Education Savings Plan
- Individuals who contribute money to qualifying education savings trust accounts
Terms To Know
- Savings Trust Account
- An account created under the Georgia Higher Education Savings Plan for saving funds.
- Taxable Net Income
- The amount of income used to calculate state taxes, which this bill modifies by changing exemption rules.
Limits and Unknowns
- The official text does not specify the exact dollar amounts for contribution limits or tax exemptions.
- The effective date is listed as a provision in the bill but no specific calendar date is provided in the metadata.