SB 1989: Oklahoma College Savings Plan; expanding options for making contributions to a 529 Savings Plan. Effective date. - Oklahoma

Floor (House) → Floor (Senate) · 4 edits

MODERATE

The bill text was converted from the House version to the Senate version, resulting in significant formatting and structural changes. The Senate version adds a date, reorganizes the bill's header, and renumbers the sections of the law. While the core legal text regarding the Oklahoma College Savings Plan remains largely intact, the Senate version introduces new subsections (E through N) that were not present in the House version, likely due to committee amendments or drafting differences, and reorders the existing penalty and transfer rules.

Scope change

The scope of the bill's applicability to the Oklahoma College Savings Plan remains unchanged; however, the internal structure of the statute has been altered by the addition of new subsections and the reorganization of existing ones.

TECHNICAL

Added a specific date (February 9, 2026) and reorganized the bill header to reflect the Senate Floor Version.

Reordered and renumbered existing subsections regarding account transfers and penalties to accommodate the new content.

Adjusted line breaks and spacing throughout the document to fit the Senate's formatting standards.

REQUIREMENT

Added new subsections E through N, which include procedures for changing beneficiaries, rules on penalty withholding for nonqualified withdrawals, and guidelines for preventing contributions exceeding qualified education expenses.

Enrolled (final version) → Floor (House) · 1 edit

MINOR

The bill was reformatted from the Senate's final version to the House's floor version, primarily changing the layout and adding page numbers and committee amendment indicators. The substantive legal text regarding the Oklahoma College Savings Plan, including rules for contributions, withdrawals, and penalties, remains unchanged.

TECHNICAL

The document structure was updated to reflect the House floor version, including the addition of page numbers, headers, and notes indicating where committee amendments appear in bold face.

Engrossed → Enrolled (final version) · 4 edits · May 13, 2026

MODERATE

The bill was finalized as an enrolled version, removing the 'Engrossed' header and adding a formal subject line. Substantively, the text of the Oklahoma College Savings Plan statute was reorganized and slightly expanded to clarify administrative procedures, such as adding a specific rule that withdrawals failing requirements will be treated as nonqualified, and updating the penalty guidelines to include a requirement that contributors certify their total savings do not exceed anticipated education costs.

REQUIREMENT

Added a specific provision stating that withdrawals not meeting certain requirements will be automatically treated as nonqualified withdrawals by the program manager.

Expanded the Board's guidelines to require contributors to certify that their total account balances do not exceed the lesser of a maximum set by the Board or the cost of anticipated education expenses.

TECHNICAL

Reorganized the statute's structure and renumbered subsections (e.g., merging and relabeling sections regarding beneficiary changes and transfers) for clarity.

Changed the document header from 'Engrossed' to 'Enrolled' and added a formal 'SUBJECT' line, reflecting the bill's final passage.

Introduced → Engrossed · 4 edits · Feb 23, 2026

MODERATE

The bill was transitioned from its initial introduction to an engrossed version, incorporating amendments that clarify administrative procedures for account management and withdrawals. Key substantive changes include the addition of a requirement for account owners to certify that total balances across all their accounts do not exceed state or federal limits, and the clarification of rules regarding nonqualified withdrawals and associated penalties.

Scope change

The scope of the bill remains focused on the Oklahoma College Savings Plan, but the applicability of contribution limits and withdrawal rules has been clarified through new certification requirements and penalty enforcement details.

REQUIREMENT

Added a requirement for contributors to certify that the total balance in all qualified tuition programs for a beneficiary does not exceed the maximum allowable limit set by the Board or federal law.

Added specific rules requiring that qualified withdrawals be made via checks payable jointly to the beneficiary and the educational institution.

ENFORCEMENT

Clarified that if a nonqualified withdrawal occurs and the required penalty is not fully withheld, the account owner must pay the unpaid penalty by April 15 of the following tax year.

TECHNICAL

Updated page headers and formatting to reflect the bill's progression from 'Introduced' to 'Engrossed' status, including adding co-sponsor information.

Oklahoma College Savings Plan; expanding options for making contributions to a 529 Savings Plan. Effective date.

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