House passes bill to update 529 College Savings Plan
OKLAHOMA CITY â A bill that updates allowable uses for qualified higher education expenses under the Oklahoma 529 College Savings Plan passed the House on Tuesday with a vote of 95-0.
House Bill 1962, authored by Jadine Nollan, R-Sand Springs, aligns the stateâs language with the federal governmentâs definition.
Nollan said the bill was a request bill by State Treasurer Randy McDaniel, a former House member.
She said the federal government expanded the definition of allowable uses under Section 529 of the Federal Tax Code over the past few years.
With the passage of this bill, Oklahomaâs definition of qualified higher education expenses will align with the federal definition. Funds currently can be used for tuition, supplies, and room and board at accredited colleges, universities, career technology centers and business schools.