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Bill would let Georgians claim state tax deduction for any federal 529 plan, remove $235,000 cap
Summary
Representative Jim Martin presented House Bill 962 to remove a $235,000 per‑beneficiary cap on certain 529 accounts and allow Georgia taxpayers to take a state income tax deduction for contributions to any federally approved 529 plan. The state treasurer’s office warned the change could reduce fee advantages for Georgia’s plan; the measure received a first hearing only.
Representative Jim Martin brought House Bill 962 to the Income Tax Subcommittee of the Ways & Means Committee, proposing to remove a $235,000 per‑beneficiary cap in Georgia law and to allow the state income tax deduction for contributions to any federally approved 529 tuition savings plan.
Martin, the bill’s sponsor, said the legislation is intended to expand “consumer choice” and help families save for college. He told the committee that allowing Georgians to use out‑of‑state plans while still receiving the state deduction would encourage more savings, and he offered an illustrative estimate that denying the deduction could cost a…
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