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Representative John Carson sponsored H.B. 54, to increase Georgia's Qualified Education Expense Credit program cap from $120 million to $200 million. [6] Representative Darlene Taylor (R-Thomasville) introduced the Okefenokee Protection Act (H.B. 71), [7] intended to help protect the Okefenokee National Wildlife Refuge from mining projects.
Cap. Georgia, Mississippi. $235,000. North Dakota. $269,000. Hawaii, New Jersey. ... and withdrawals are tax-free when used for qualified education expenses such as tuition, fees, room and board ...
529 plans are named after section 529 of the Internal Revenue Code—26 U.S.C. § 529.While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of ...
The American Opportunity Tax Credit allows you to earn up to $2,500 in tax credits when claiming your college tuition and related expenses. Your first $2,000 for qualified education expenses ...
Starting with tax year 2009, the Hope credit had been supplanted by the more generous American Opportunity Tax Credit. This credit allows for the first $1,200 in "qualified tuition and related expenses," as well as half of qualifying expenses between $1,200 and $2,400, to be fully creditable against the taxpayer's total tax liability.
Funds must be used for qualified education expenses, from elementary up through college. ... 529 plans may apply only to tuition and have a withdrawal cap of $10,000 per person per year for K-12 ...
Provisions were originally specific to tax years 2009 and 2010, later extended, and finally made permanent by the Bipartisan Budget Act of 2015, for the first 4 years of post-secondary education. Increases the Hope credit to 100 percent qualified tuition, fees and course materials paid by the taxpayer during the taxable year not to exceed ...
In a show of bipartisanship, the Georgia House of Representatives on Thursday passed the first draft of the $36.1 billion state budget for fiscal year 2025, approving the measure with a nearly ...