September to spotlight savings program

Wednesday, August 24th 2005, 5:39 pm
By: News On 6

OKLAHOMA CITY (AP) -- Governor Brad Henry has signed a proclamation declaring September as College Savings Plan Month.

Effective this year, contributions of up to $20,000 per married couple and $10,000 per single taxpayer can be deducted from state taxable income.

Henry -- a former state senator -- wrote the original legislation that created the program. State Treasurer Scott Meacham says the four-year-old plan currently has almost $140-million in assets.

Meacham says the plan gives Oklahoma families the opportunity to save for the cost of college for loved ones. Added benefits are the generous Oklahoma income tax deduction and the fact that the savings grow free from Oklahoma and federal income taxes.