Bill Status of SB 519   95th General Assembly


Short Description:  INC TAX- COLLEGE SAVINGS PLAN

Senate Sponsors
Sen. James F. Clayborne, Jr.-Terry Link-Kimberly A. Lightford-Jeffrey M. Schoenberg, Larry K. Bomke, Carole Pankau, Matt Murphy, Gary G. Dahl-James T. Meeks, J. Bradley Burzynski, Pamela J. Althoff, Ira I. Silverstein, Donne E. Trotter and John O. Jones

House Sponsors
(Rep. David E. Miller)


Last Action  View All Actions

DateChamber Action
  1/13/2009SenateSession Sine Die

Statutes Amended In Order of Appearance
15 ILCS 505/16.5
35 ILCS 5/203from Ch. 120, par. 2-203

Synopsis As Introduced
Amends the State Treasurer Act. Removes the requirement that the State Treasurer adjust each account at least annually to ensure compliance with the requirements of the College Savings Pool. Provides that the Treasurer shall limit the contributions that may be made on behalf of a designated College Savings Pool beneficiary based on the limitations established by the Internal Revenue Service (now, based on an actuarial estimate of what is required to pay tuition, fees, and room and board for 5 undergraduate years at the highest cost eligible educational institution). Amends the Illinois Income Tax Act. Provides that for taxable years beginning on or after January 1, 2007, distributions from certain qualified tuition programs under the Internal Revenue Code that are administered by other states are exempt from the requirement that a distribution from an Internal Revenue Code qualified tuition program be included when determining adjusted gross income for purposes of determining base income. Requires taxpayers to add to their base income an amount equal to the amount previously deducted for deposits into a qualified tuition program if the moneys are transferred from a qualified tuition program that is administered by the State to an out-of-state program. Makes other changes. Effective immediately.

Senate Committee Amendment No. 1
Deletes reference to:
15 ILCS 505/16.5
35 ILCS 5/203
Adds reference to:
35 ILCS 5/218 new
110 ILCS 947/5
110 ILCS 947/20

Deletes everything after the enacting clause. Amends the Higher Education Student Assistance Act and the Illinois Income tax Act. Authorizes the Illinois Student Assistance Commission to establish systems and programs to encourage employers to match employee contributions to prepaid programs of college savings by making donations to the Commission for prepaid programs of college savings and its programs of grants and loans to make higher education affordable for all residents of the State and to receive, hold, and disburse all such funds made available through those programs for the purposes for which they are authorized by rule or by law. Creates an income tax credit for employers who, during the taxable year, makes a matching donation to the Illinois Student Assistance Commission on behalf of an employee. Provides that the credit is 25% of the matching donation, but not to exceed $500 per employee. Provides that the credit may be carried forward for 3 taxable years. Effective immediately.

Actions 
DateChamber Action
  2/8/2007SenateFiled with Secretary by Sen. James F. Clayborne, Jr.
  2/8/2007SenateFirst Reading
  2/8/2007SenateReferred to Rules
  2/21/2007SenateAssigned to Revenue
  3/2/2007SenatePostponed - Revenue
  3/2/2007SenateAdded as Chief Co-Sponsor Sen. Terry Link
  3/14/2007SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. James F. Clayborne, Jr.
  3/14/2007SenateSenate Committee Amendment No. 1 Referred to Rules
  3/14/2007SenateSenate Committee Amendment No. 1 Rules Refers to Revenue
  3/14/2007SenateSenate Committee Amendment No. 1 Adopted
  3/15/2007SenateDo Pass as Amended Revenue; 009-000-000
  3/15/2007SenatePlaced on Calendar Order of 2nd Reading March 20, 2007
  3/15/2007SenateAdded as Chief Co-Sponsor Sen. Kimberly A. Lightford
  3/20/2007SenateSecond Reading
  3/20/2007SenatePlaced on Calendar Order of 3rd Reading March 21, 2007
  3/29/2007SenateAdded as Chief Co-Sponsor Sen. Jeffrey M. Schoenberg
  3/29/2007SenateAdded as Co-Sponsor Sen. Larry K. Bomke
  3/29/2007SenateAdded as Co-Sponsor Sen. Carole Pankau
  3/29/2007SenateAdded as Co-Sponsor Sen. Matt Murphy
  3/29/2007SenateAdded as Co-Sponsor Sen. Gary G. Dahl
  3/29/2007SenateAdded as Chief Co-Sponsor Sen. James T. Meeks
  3/29/2007SenateAdded as Co-Sponsor Sen. J. Bradley Burzynski
  3/29/2007SenateAdded as Co-Sponsor Sen. Pamela J. Althoff
  3/29/2007SenateAdded as Co-Sponsor Sen. Ira I. Silverstein
  3/29/2007SenateAdded as Co-Sponsor Sen. Donne E. Trotter
  3/29/2007SenateAdded as Co-Sponsor Sen. John O. Jones
  3/29/2007SenateThird Reading - Passed; 057-000-000
  3/30/2007HouseArrived in House
  3/30/2007HousePlaced on Calendar Order of First Reading
  3/30/2007HouseChief House Sponsor Rep. David E. Miller
  4/9/2007HouseFirst Reading
  4/9/2007HouseReferred to Rules Committee
  4/30/2007HouseAssigned to Executive Committee
  5/18/2007HouseCommittee Deadline Extended-Rule 9(b) May 25, 2007
  5/25/2007HouseFinal Action Deadline Extended-9(b) May 31, 2007
  5/31/2007HouseRule 19(a) / Re-referred to Rules Committee
  6/7/2007HouseFinal Action Deadline Extended-9(b) June 15, 2007
  6/7/2007HouseAssigned to Revenue Committee
  6/15/2007HouseFinal Action Deadline Extended-9(b) June 22, 2007
  6/22/2007HouseRule 19(a) / Re-referred to Rules Committee
  12/4/2007HouseFinal Action Deadline Extended-9(b) January 10, 2008
  12/4/2007HouseAssigned to Gaming Committee
  1/10/2008HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2009SenateSession Sine Die

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