Oklahoma 2022 Regular Session

Oklahoma House Bill HB1962 Compare Versions

Version 1 (Old)

Version 2 (New)

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1		-	An Act
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	30	+	March 30, 2021
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3	34		BILL NO. 1962 By: Nollan and Bell of the
4	35		House
5	36
6	37		and
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8	39		Quinn of the Senate
9		-
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15	45		An Act relating to higher education; amending 70 O.S.
16	46		2011, Section 3970.3, which relates to the Oklahoma
17	47		College Savings Plan Act; modifying definition of
18	48		qualified higher education expenses ; and providing an
19	49		effective date.
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24		-	SUBJECT: Higher education
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26	55		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
27		-
28	56		SECTION 1. AMENDATORY 70 O.S. 2011, Section 397 0.3, is
29	57		amended to read as follows:
30		-
31		-	Section 3970.3 As used in this act:
32		-
	58	+	Section 3970.3. As used in this act:
33	59		1. "Account" means an individual trust account or savings
34	60		account established as prescribed in this act;
35		-
36	61		2. "Account owner" means the person or other entity allowable
37	62		under Section 529 of the Internal Revenue Code designated at the
38	63		time an account is opened as having the right to withdraw monies
39	64		from the account before the account is disbursed to or for the
40	65		benefit of the designated beneficiary;
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42	93		3. "Affinity program" means any supplemental feature to the
43	94		Oklahoma College Savings Plan that offers additional value for plan
44	95		participants including, but not limited to, rebate contributions
45	96		from affiliated credit cards;
46		-	ENR. H. B. NO. 1962 Page 2
47	97		4. "Board" means the Board of Trustees of the Oklahoma College
48	98		Savings Plan;
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50	99		5. "Designated beneficiary" means:
51		-
52	100		a. with respect to an account, the person designated at
53	101		the time the account is opened as the person whose
54	102		higher education expenses are expected to be paid from
55	103		the account,
56		-
57	104		b. in the case of a change in benefi ciaries described in
58	105		Section 3970.7 of this title, the individual who is
59	106		the new beneficiary, or
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61	107		c. in the case of an interest in the program created by
62	108		this act purchased by the State of Oklahoma or a local
63	109		government in this state, or an agency or
64	110		instrumentality of such state or local government, or
65	111		an organization described in Section 501(c)(3) of the
66	112		Internal Revenue Code and exempt from taxation under
67	113		Section 501(a) of that Code as part of a scholarship
68	114		program operated by such government or organizat ion,
69	115		the individual(s) receiving such interest or
70	116		scholarship;
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72	144		6. "Eligible educational institution " means an institution as
73	145		described in Section 481 of the Higher Education Act of 1965 (20
74	146		U.S.C. 1088), and is eligible to participate in a program under
75	147		Title IV of that Act;
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77	148		7. "Financial institution " means any bank, commercial bank,
78	149		national bank, savings bank, savings and loan association, credit
79	150		union, an insurance company, brokerage firm, or other similar entity
80	151		that is authorized to do business in th is state;
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82	152		8. "Internal Revenue Code" means the Internal Revenue C ode of
83	153		1986, as amended;
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85	154		9. "Member of family" means an individual who bears a
86	155		relationship to another individual which is a relationship described
87	156		in Section 529 of the Internal Revenue Co de;
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89	157		10. "Nonqualified withdrawal" means a withdrawal from an
90	158		account other than one of the following:
91		-	ENR. H. B. NO. 1962 Page 3
92	159		a. a qualified withdrawal,
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94	160		b. a withdrawal made as a result of the death or
95	161		disability of the designated beneficiary of an
96	162		account,
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98	163		c. withdrawal that is made on the account of a
99	164		scholarship or the allowance or payment described in
100	165		Section 529 of the Internal Revenue Code, received by
101	166		the designated beneficiary to the extent the amount of
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102	194		the refund does not exceed the amount of the
103	195		scholarship, allowance, or payment, or
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105	196		d. a rollover or change of designated beneficiary as
106	197		permitted by subsection F of Section 3970.7 of this
107	198		title;
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109	199		11. "Program" means the Oklahoma College Savings Plan
110	200		established under this act;
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112	201		12. "Qualified higher education expenses " means tuition, fees,
113	202		books, supplies, and equipment required for the enrollment or
114	203		attendance of a designated beneficiary at an eligible educational
115	204		institution, including room and board expenses, to the extent such
116		-	expenses are allowable that meet the definition of qualified higher
117		-	education expenses under Section 529 of the Internal Revenue Code;
	205	+	expenses are allowable that meet the definition of "qualified higher
	206	+	education expenses" under Section 529 of the Internal Revenue Code;
118	207		and
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120	208		13. "Qualified withdrawal " means a withdrawal from an account
121	209		to pay the qualified higher education expenses of the designated
122	210		beneficiary of the account, b ut only if the withdrawal is made in
123	211		accordance with this act.
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125	212		SECTION 2. This act shall become effective November 1, 2021.
126		-	ENR. H. B. NO. 1962 Page 4
127		-	Passed the House of Representatives the 2nd day of March, 2021.
128		-
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132		-	Presiding Officer of the House
133		-	of Representatives
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136		-	Passed the Senate the 21st day of April, 2021.
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141		-	Presiding Officer of the Senate
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145		-	OFFICE OF THE GOVERNOR
146		-	Received by the Office of the Governor this ____________________
147		-	day of ___________________, 20_______, at _______ o'clock _______ M.
148		-	By: _________________________________
149		-	Approved by the Governor of the State of Oklahoma this _________
150		-	day of ___________________, 20_______, at _______ o'clock _______ M.
151		-
152		-
153		-	_________________________________
154		-	Governor of the State of Oklahoma
155		-
156		-	OFFICE OF THE SECRET ARY OF STATE
157		-	Received by the Office of the Secretary of State this __________
158		-	day of ___________________, 20_______, at _______ o'clock _______ M.
159		-	By: _________________________________
	213	+	COMMITTEE REPORT BY: COMMITTEE ON EDUCATION
	214	+	March 30, 2021 - DO PASS