Contributions to OK STABLE can NOW help you save on Oklahoma taxes
Published: May 14th, 2021
Oklahoma City — And now OK STABLE has equal tax benefits to an Oklahoma college savings account… and this is another reason for Oklahomans with disabilities to save.
This because of House Bill 2178, creating the tax deduction.
It was requested by Treasurer Randy McDaniel, and authored by Representative Kyle Hilbert and Senator John Michael Montgomery.
Governor Kevin Stitt recently signed the legislation into law.
To state leaders:
Thank you for your support and work on this bill. The legislation has an effective date of November 1, 2021, but would be effective for the current tax year.
Tax incentives are a part of many programs. Never before have people with disabilities been in a financial position to consider tax incentives. In fact, people with disabilities that rely on public benefits programs such as Medicaid and SSI have historically been kept impoverished by program eligibility requirements…. until now.
On May 31, 2018, Oklahoma launched OKSTABLE to allow people with disabilities to save money without impacting necessary benefits.
OK STABLE is very similar to a 529 college savings program.
Today, there is more to celebrate as OK STABLE participants get equal tax treatment. Just like contributions Oklahoma residents make to a college savings program, contributors to an OK STABLE account can now also take a state tax deduction. This is good for people with disabilities and those that support them financially.
Thanks again to Oklahoma Treasurer Randy McDaniel, Rep. Kyle Hilbert, Sen. John Michael Montgomery and Governor Kevin Stitt and all Oklahoma law makers for helping to create equality between people with and without disabilities.
NOTE: Ellyn Novak Hefner has guided The City Sentinel’s sustained coverage of the STABLE program. We join her in thanking McDaniel, lawmakers and Governor Stitt for this laudable policy development. The City Sentinel is an independent, locally-owned, non-partisan newspaper based in Oklahoma City.