|
|
|
|
96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB1701
Introduced 2/18/2009, by Rep. Michael J. Madigan - Barbara Flynn Currie - Mike Boland SYNOPSIS AS INTRODUCED:
|
|
|
|
Amends the Illinois Prepaid Tuition Act. Makes a technical change in a Section
concerning a tax exemption.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
HB1701 |
|
LRB096 05306 NHT 15372 b |
|
|
| 1 |
| AN ACT concerning education.
|
| 2 |
| Be it enacted by the People of the State of Illinois, |
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Illinois Prepaid Tuition Act is amended by |
| 5 |
| changing Section 55 as follows:
|
| 6 |
| (110 ILCS 979/55)
|
| 7 |
| Sec. 55. Tax exemption. The
The assets of the Illinois |
| 8 |
| Prepaid Tuition Trust
Fund and its income and operation shall |
| 9 |
| be exempt from all taxation by the
State of Illinois and any of |
| 10 |
| its subdivisions. The accrued earnings of
Illinois prepaid |
| 11 |
| tuition contracts once disbursed on behalf of an eligible
|
| 12 |
| beneficiary shall be similarly exempt from all taxation by the |
| 13 |
| State of
Illinois and any of its subdivisions, so long as they |
| 14 |
| are used for educational
purposes in accordance with the |
| 15 |
| provisions of an Illinois prepaid tuition
contract. The |
| 16 |
| provisions of this Section are exempt from the provisions of
|
| 17 |
| Section 250 of the Illinois Income Tax Act. |
| 18 |
| (Source: P.A. 90-546, eff. 12-1-97; 91-867, eff. 6-22-00.)
|