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HB 962

Georgia Higher Education Savings Plan; Board of Directors shall determine maximum contribution limit for savings trust accounts; provide

2025-2026 Regular Session Introduced by Carter Barrett and 5 co-sponsors

HB 962 authorizes Georgia's Higher Education Savings Plan board to set maximum 529 contribution limits instead of fixed statutory caps.

Senate Read and Referred
#education #revenueandtaxation
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Bill Summary · HB 962

Legislative bill overview

HB 962 grants Georgia's Higher Education Savings Plan Board of Directors authority to set maximum contribution limits for 529 savings trust accounts, rather than having limits fixed by statute. The bill delegates regulatory discretion to the board to adjust contribution caps based on economic conditions and program needs.

Why is this important

529 plans are tax-advantaged savings vehicles used by families to fund college expenses. The ability to adjust contribution limits affects how much Georgians can save tax-free for education, influencing family financial planning and the program's competitiveness with other states' education savings plans.

Potential points of contention

  • Regulatory flexibility vs. legislative oversight: Shifting limit-setting from the legislature to an appointed board reduces direct democratic control over contribution cap policies
  • Uncertainty for savers: Allowing variable contribution limits could create planning instability for families relying on consistent savings rules
  • Program comparability: Georgia's limits may diverge from federal limits or other states' plans, potentially complicating family savings strategies across state lines

Compiled from official sources — confirm details with the bill’s official record.

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