Georgia Enacts Income Tax Advantaged Catastrophe Saving Account

The Georgia Governor signed a law providing tax advantaged catastrophe savings accounts. The law includes: 1) allowing a deduction for certain amounts contributed by an individual taxpayer to a catastrophe savings account; and 2) providing that all interest income earned by a catastrophe savings account in compliance with the law is exempt from income tax. The law takes effect on July 1 and is applicable to taxable years beginning on or after Jan. 1, 2026. [H.B. 511, enacted 05/14/25]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.