Wilcoxson Pushes for Passage of “LILA” College Savings Bill

State Sen. Kathleen Wilcoxson is touting legislation she says could generate an additional $2 million a year in savings for college. Wilcoxson’s measure, Senate Bill 1307, would offer employers a tax credit for contributing to an employee’s savings account. She said the idea behind the bill, was to help more Oklahomans earn college degrees.

“The proposal is called LILA, which stands for Lifelong Learning Account. Study after study has shown us that the more education a person has, the greater their earning potential. We want to encourage more Oklahomans to pursue lifelong learning. I believe LILA can help accomplish that goal,” said Wilcoxson, R-Oklahoma City.

Under Wilcoxson’s proposal, employers contributing to college savings accounts on behalf of an employee would be eligible for a tax credit equal to 50 percent of the contribution. The total credits would be limited to $500 per employee with a statewide cap of $1 million each year.

“That would generate an additional $2 million per year for college savings. We know increasing the number of college graduates in Oklahoma will increase our per capita income. In order to do that, we’re not only going to need to focus on encouraging high school students to plan for college—we’re going to need to encourage adults to continue learning as well,” said Wilcoxson. “That’s the purpose of SB 1307.”