SB 28 - Under this act, the Missouri Education Savings Program is renamed the "Missouri Education Program".
The State Treasurer is to receive contributions from any person or legal entity on behalf of, and make grants to, eligible children to pay for qualified higher education expenses. The Treasurer shall establish a separate savings account for each qualified child under this act and shall deposit scholarship seed
money, contributions, and interest earnings as specified. Any
amount in such a savings account that is not expended for qualified higher education expenses by the qualified beneficiary's thirtieth birthday will revert back to the program fund.
The fund shall be used to provide scholarship seed money and to pay for personal service, equipment, and other expenses of the treasurer related to administration.
This act is substantially similar to HCS/HB 2261 (2020).