Ways & Means Income Tax Subcommittee
income tax subcommittee, the ways and means committee
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Feb 04, 2026
Meeting Information
The meeting of the Income Tax Subcommittee of the Ways and Means Committee focused on proposed legislative changes related to income tax, including reforms to 529 college savings plans, an extension of railroad track maintenance tax credits, and further reductions in state income tax rates.
Meeting Summary
House Bill 962 - 529 College Savings Plans
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Chairman Martin presented HB 962, proposing to remove the $235,000 cap on 529 plans and allow state income tax deductions for contributions to any federally approved 529 plan, not just Georgia's. [Video 00:16:00]
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Bethany Wetzel from the Office of the State Treasurer testified against tax parity, citing concerns about the Georgia Higher Education Savings Plan's low costs, high growth, and oversight, and the potential for Georgians to be aggressively marketed by advisor-sold plans with higher fees. [Video 00:24:14]
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Chairman Martin countered that competition and consumer choice would encourage more college savings and that forcing Georgians to use only the state plan could cost them significant tax benefits over time. [Video 00:34:30]
House Bill 1070 - Railroad Track Maintenance Tax Credit
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Representative Hagan introduced HB 1070, seeking to extend the railroad track maintenance tax credit for Class III railroads to 2032 and increase the credit per mile from $3,500 to $5,000. [Video 00:37:33]
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Representatives from Omnitrax, Georgia Transportation Alliance, Georgia Railroad Association, and CSX Transportation spoke in favor of the bill, emphasizing the economic impact, the high cost of maintaining short line railroads, and their critical role in rural development and port freight movement. [Video 00:40:38]
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The fiscal note for the bill was approximately $6 million annually, and concerns were raised about the increased value of the credit due to decreasing income tax rates. [Video 00:41:15] [Video 00:46:32]
House Bill 880 - Income Tax Reform
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Chairman Blackman presented HB 880, which proposes further income tax rate reductions, increased standard and dependent deductions, and raising the senior exemption from $65,000 to $70,000. [Video 00:54:00]
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Committee members discussed the bill's implications regarding the state's revenue estimates and the use of surplus funds for taxpayer relief, particularly in light of the 3% revenue growth trigger for tax cuts. [Video 00:56:58]
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on Feb 04, 2026
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