Georgia State and Local Tax (SALT) Alerts

State and Local Tax Insights

Georgia State and Local Tax Alert | Proposed Tax Exemption for Charities and Double the Income Tax Deduction on 529 Plan Contributions

  • An exemption for public-charity-owned property has been proposed. Effective on voter approval, the proposal would exempt all real property owned by public charities if the property is held exclusively for the purpose of building or repairing single-family homes. The home must be financed to individuals using no-interest loans, with a recapture of tax savings for any part of the property that isn’t financed interest-free. The bill creates a statewide election ballot item to be submitted on the November 2020 elections asking Georgia voters to approve the tax exemption.
  • The deduction for 529 plans has doubled for Georgia residents. Applicable to tax years on or after January 1, 2020, Georgia state law doubles the income tax deduction for 529 plan contributions from $2,000 to $4,000 per beneficiary for single filers, and from $4,000 to $8,000 per beneficiary for married couples filing jointly.

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