Deadline Extended For Oklahoma College Savings Plan

OKLAHOMA CITY (AP) -- Governor Brad Henry and state Treasurer Scott Meacham says the deadline for contributions to the Oklahoma College Savings Plan has been extended.<br/><br/>The deadline for Oklahoma's

Wednesday, August 2nd 2006, 6:11 am

By: News On 6

OKLAHOMA CITY (AP) -- Governor Brad Henry and state Treasurer Scott Meacham says the deadline for contributions to the Oklahoma College Savings Plan has been extended.

The deadline for Oklahoma's 529 Plan has been extended to April 15th to qualify for a state tax deduction. The change allows contributions to an Oklahoma College Savings Plan account to be deducted on the preceding year's return.

Oklahoma taxpayers who open an account by April 15th may qualify for a state tax deduction of up to $10,000 per individual and up to $20,000 for taxpayers filing jointly on their 2006 returns. The law also provides a carry forward for excess contributions for up to five years.

The Oklahoma College Savings Plan is the only 529 plan with an Oklahoma income tax deduction.