Synopsis As Introduced Amends the State Treasurer Act. Modifies and reorganizes the provisions of a Section concerning the College Savings Pool. Provides that the State Treasurer may establish and administer a College Savings Pool as a qualified tuition program under the Internal Revenue Code, and that the Pool may consist of one or more college savings programs. Provides that the State Treasurer, in administering the College Savings Pool, may receive, hold, and invest moneys paid into the Pool and perform such other actions as are necessary to ensure that the Pool operates as a qualified tuition program under the Internal Revenue Code. Provides provisions concerning administration, availability, fees, and investment restrictions of the Pool. Modifies the way in which investments, distributions, contributions, and bonds are made regarding the Pool. Defines terms. Makes conforming, technical, and other changes. Effective immediately.
Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with changes. Modifies the term "nonqualified withdrawal", and defines the term "member of the family". Provides that funds contained in a College Savings Pool account may be rolled over into an eligible ABLE account to the extent permitted by specified provisions of the Internal Revenue Code. Amends the Illinois Income Tax Act. Provides for a modification to adjusted gross income concerning the transfer of moneys from a qualified tuition program that is administered by the State to an ABLE account established under an out-of-state ABLE account program.
Senate Floor Amendment No. 2 Makes further changes to the Illinois Income Tax Act to provide for modifications to adjusted gross income concerning the distribution, transfer, withdrawal, refund, and contribution of moneys from and to a qualified tuition program or a qualified ABLE program. Makes conforming changes.