ATLANTA – State Representative Sam Teasley (R-Marietta) today announced that House Bill 802 was signed into law by Gov. Nathan Deal and became effective on Tuesday, May 3, 2016. Authored by Rep. Teasley, HB 802 increases contribution limits for families who use college savings plans.
“This bill will expand post-secondary educational opportunities for many Georgians, and I thank Governor Deal for his support in signing it into law,” said Rep. Teasley. “With this legislation, parents will have more freedom to invest in their child’s future with this tax-free savings plan. As the costs to attend college are on the rise and with the future of the HOPE scholarship uncertain, this common sense law is necessary to help Georgians financially prepare to send their children to school.”
HB 802 will increase the deduction amount from taxable net income contributors can make to a Georgia Higher Education Savings Plan (529 Plan). The new law will allow married contributors filing joint returns to contribute $4,000 per beneficiary. Previously, the limit was $2,000 per beneficiary for contributions to a savings trust account for joint returns.
For more information on HB 802, please click here.
Representative Sam Teasley represents the citizens of District 37, which includes portions of Cobb County. He was elected into the House of Representatives in 2010, and currently serves as the House Republican Caucus Vice Chairman. He also serves on the Banks & Banking, Education, Energy, Utilities & Telecommunications, Ethics, Insurance, and Ways & Means committees.
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