House Bill No. 1192, a piece of legislation designed to vastly increase college investment options for Missouri citizens, has been introduced in the House of Representatives.

The bill would expand the current Missouri MOST program, the state’s version of a federal 529 College Savings Plan. These plans are savings plans constructed to help individuals and families save for a child’s future college expenses, according to the Missouri MOST website.

“What (the bill says) is that we’re basically going to do a study on all of the investment options that all of the other states have and try to incorporate all of those choices into the Missouri plan,” Rep. Andrew Koenig, R-Winchester, the bill’s primary sponsor, said. “So it greatly increases the choices on what you can invest in if you want to save for college tax free.”

The bill has been referred to the House’s Financial Institutions committee, but a hearing has not yet been scheduled.

If it passes vote in the House after suggestions are made by the Financial Institutions committee, the bill would then need to be approved by the Missouri State Senate before Gov. Jay Nixon signs it into law.

If approved, the bill would take action after Aug. 28, the date the current contracts for the MOST program expire.

Koenig said the primary goal of the bill is to give Missouri citizens more options as to where they can invest for college tax-free.

“The reason the bill is important is that the state doesn’t have a lot of money, and I want to give every tool to its citizens for them to be able to provide education for themselves,” Koenig said. “Rather than just government handing it out, let’s empower families that live in Missouri to be able to do it for themselves.”

Koenig also said the bill would make Missouri’s 529 program more “user-friendly.”

“If (college students) were using one of these plans, they’ll have more options,” he said. “It empowers students to be able to invest and save for college.”