Bill > SB1989

This bill expands the ways individuals can contribute to the Oklahoma College Savings Plan, a type of 529 Savings Plan designed to help families save for future education costs. Specifically, it allows contributions to be made not only in cash but also through digital peer-to-peer payment networks and other digital payment networks, making it more convenient to deposit funds into these accounts. Additionally, the bill clarifies that certain organizations, like the State of Oklahoma, local governments, or tax-exempt organizations under Section 501(c)(3) of the Internal Revenue Code, can open accounts to fund scholarships without needing to designate a specific beneficiary at the time the account is created, with scholarship recipients later being considered designated beneficiaries for the purposes of the plan. The bill also updates statutory references and includes an effective date of November 1, 2026.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1989&Session=2600