093_SB0362sam001

 










                                     LRB093 02033 SJM 12191 a

 1                    AMENDMENT TO SENATE BILL 362

 2        AMENDMENT NO.     .  Amend Senate Bill 362, on  page  11,
 3    line  9,  after  "2003,",  by  inserting  "and  on  or before
 4    December 31, 2007,"; and

 5    on page 11, by replacing lines 16 and 17  with  "subparagraph
 6    (CC)."; and

 7    on  page  20, line 14, after "2003,", by inserting "and on or
 8    before December 31, 2007,"; and

 9    on page 20, by replacing lines 21 and 22  with  "subparagraph
10    (V)."; and

11    on  page  27, line 25, after "2003,", by inserting "and on or
12    before December 31, 2007,"; and

13    on page 27, by replacing lines 32 and 33  with  "subparagraph
14    (T)."; and

15    on  page  32, line 22, after "2003,", by inserting "and on or
16    before December 31, 2007,"; and

17    on page 32, by replacing lines 29 and 30  with  "subparagraph
18    (Q).; and

19    by  replacing  lines  27  through  31  on page 37 and lines 1
20    through 17 on page 38 with the following:
 
                            -2-      LRB093 02033 SJM 12191 a
 1    "by adding Section 55.1 as follows:

 2        (110 ILCS 979/55.1 new)
 3        Sec.  55.1.  Income  tax  deduction.  For  taxable  years
 4    beginning on or after January  1,  2003,  and  on  or  before
 5    December 31, 2007, moneys contributed during the taxable year
 6    by  the  taxpayer  for  the  purchase  of an Illinois prepaid
 7    tuition contract, except  for  amounts  excluded  from  gross
 8    income  under Section 529(c)(3)(C)(i) of the Internal Revenue
 9    Code, may be deducted  from  the  taxpayer's  adjusted  gross
10    income  as provided in Section 203 of the Illinois Income Tax
11    Act.".