A bill to protect money Oklahomans put aside for their childrens education is now law, after Governor Brad Henry approved Senate Bill 32 by Senator Mike Morgan, DStillwater and Representative Debbie Blackburn, DOKC on Tuesday.
Senator Morgan explained that without SB 32, if an individual were sued and a court handed down a judgment against them, funds set aside in an Oklahoma College Savings plan could have been seized to help pay that judgment.
One of the best ways to ensure a child will have the best future possible is to make sure they go to college. The Oklahoma College Savings plan offers a way to help Oklahoma families achieve that goal. Thats why its crucial to protect those accounts, explained Senator Morgan. Its important to our kids because a person with a college degree can earn percent more than someone without a degree. Its also a fact that states with the highest per capita incomes are the states with the highest numbers of college graduates, noted Representative Blackburn.
Governor Henry and Representative Blackburn were the authors of the original legislation creating the Oklahoma College Savings Plan when Henry was still a member of the Senate.
Under the plan, accounts can be opened by any friend or relative on behalf of a child. Contributions of up to 200 per account are tax deductible and earnings are taxdeferred.
The Oklahoma College Savings Plan is one of the best tools available to help families save for their childrens college. This legislation will help ensure that money will be there when their child needs it, said Morgan.