Statewide
Georgia highlights Path2College 529 Plan changes raising account cap and waiving state fee
A July 15 governor's office release says SB 556 increases the Path2College 529 Plan maximum balance from $235,000 to $550,000 and the GHESP Board approved a waiver of the state administrative fee.
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Georgia Raw / Statewide
Statewide
A July 15 governor's office release says SB 556 increases the Path2College 529 Plan maximum balance from $235,000 to $550,000 and the GHESP Board approved a waiver of the state administrative fee.
Gov. Brian P. Kemp highlighted two changes to Georgia's Path2College 529 Plan in a press release published July 15.
According to the release, SB 556, which the governor's office said Kemp signed in May, raises the maximum account balance for Path2College 529 Plan accounts from $235,000 to $550,000.
The release also states that the Georgia Higher Education Savings Plan Board approved a waiver of the state administrative fee.
The governor's office described Path2College as Georgia's official 529 plan and said the change makes it the lowest-cost college savings plan in the nation.
The release says Georgia State Treasurer Steve McCoy's office administers the plan.
The governor's office said contributions of up to $8,000 per year per beneficiary for joint filers and $4,000 for single filers are eligible for a Georgia state income tax deduction, and that accounts can be opened with as little as $25.
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