EDUCATION Postsecondary Education: Amend Provisions Regarding Postsecondary Education; Enact Georgia Higher Education Savings Plan; Provide for a Board of Directors of the Plan and Its Membership, Powers, Duties, and Administration; Provide for a Program of Savings Trust Agreements and Savings Trust Accounts; Provide for a Trust Fund and the Administrations Thereof; Provide for Investment and Management of Trust Funds; Provide a Tax Exemption; Provide for Account Statements; Provide for Effect of Account Deposits on Eligibility for Certain Financial Aid; Provide for Confidentiality and Nondisclosure of Certain Records; Amend Tax Provisions Relating to Computation of Taxable Net Income; Provide for Tax Treatment of Withdrawals From Savings Trust Accounts; Amend Certain Definitions for Purposes of the Georgia Administrative Procedure Act so as to Exclude the Georgia Higher Education Savings Plan from the Meaning of "Agency"

Authors

Georgia State University Law Review

Document Type

Peach Sheet

Abstract

The Act known as the "Georgia Higher Education Savings Plan Act," creates the Georgia Higher Education Savings Plan which operates by way of a program of Trust Agreements and Savings Trust Accounts. The Act provides for a board of directors of the Plan and its membership, powers, duties, and administration. Further, the Act provides for a two thousand dollar tax exemption for qualified contributors to the Plan, amends tax provisions relating to the computation of taxable net income, and provides for tax treatment for withdrawals from the Plan. The Act provides for annual account statements to each account contributor. The Act provides that the assets in the Plan shall not be considered as assets of the parent, guardian, or student for purposes of determining eligibility for certain financial aid. The Act also provides for the confidentiality of certain records pertaining to the Plan.

Recommended Citation

Georgia State University Law Review, EDUCATION Postsecondary Education: Amend Provisions Regarding Postsecondary Education; Enact Georgia Higher Education Savings Plan; Provide for a Board of Directors of the Plan and Its Membership, Powers, Duties, and Administration; Provide for a Program of Savings Trust Agreements and Savings Trust Accounts; Provide for a Trust Fund and the Administrations Thereof; Provide for Investment and Management of Trust Funds; Provide a Tax Exemption; Provide for Account Statements; Provide for Effect of Account Deposits on Eligibility for Certain Financial Aid; Provide for Confidentiality and Nondisclosure of Certain Records; Amend Tax Provisions Relating to Computation of Taxable Net Income; Provide for Tax Treatment of Withdrawals From Savings Trust Accounts; Amend Certain Definitions for Purposes of the Georgia Administrative Procedure Act so as to Exclude the Georgia Higher Education Savings Plan from the Meaning of "Agency", 18 Ga. St. U. L. Rev. (2012).
Available at: https://readingroom.law.gsu.edu/gsulr/vol18/iss1/42