HB 542 (Reps. Wilkerson, Mosby, Bentley, and Bryant - D)

Amends current Code section 20-3-631 to specify as a purpose of the article to "Provide incentives for low-income families to save for higher education" and to authorize the implementation of a program to provide a program through which state funds are used as matching contributions for certain low-income contributors to a higher education savings plan.

The bill further adds a new Code Section 20-3-635.1 which outlines the provision for providing matching dollars from state funds for low-income family contributions to eligible savings trust accounts as follows:

• For account contributors with Adjusted Gross Incomes of $30,000 or less - the matching contributions shall be double the amound contributed to each savings trust account.
• For account contributions with Adjusted Gross Incomes between $30,000 and $60,000, the matching contributions shall be equal to the amound contributed to each savings trust account.
• Matching contributions shall not exceed $500.00 per beneficiary per year.