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HB 0664 -	Income tax; deduction from income for contributions to savings trust accounts; revise

Tracking Level:

Watch

Sponsor:

Sam Teasley

Last Action:

3/27/2018 - Senate Tabled

House Committee:

Ways and Means

Senate Committee:

Finance

Assigned To:

Taxation

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Staff Analysis of the Legislation

SUMMARY: LC 28 8569 Increases the state tax deduction for contributions to a 529 savings trust account. Would double the deduction cap from $2,000 to $4,000 per beneficiary for those filing a single return and from $4,000 to $8,000 for those filing a joint return.

EFFECTIVE DATE: July 1, 2018

Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text