Illinois General Assembly - Bill Status for HB1656
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 Bill Status of HB1656  102nd General Assembly


Short Description:  HIGHER ED-PREPAID TUITION-TAX

House Sponsors
Rep. Daniel J. Burke - Robert W. Pritchard - Sandra M. Pihos - Mike Fortner - Mary E. Flowers, Elga L. Jefferies, Richard T. Bradley, Kevin A. McCarthy, Jack D. Franks, Linda Chapa LaVia, William B. Black and Shane Cultra

Senate Sponsors
(Sen. Frank C. Watson - Chris Lauzen and Matt Murphy)

Last Action
DateChamber Action
  8/16/2007HousePublic Act . . . . . . . . . 95-0217

Statutes Amended In Order of Appearance
110 ILCS 979/5
110 ILCS 979/45


Synopsis As Introduced
Amends the Illinois Prepaid Tuition Act. Provides that the intent of the Act is to both encourage and better enable Illinois families to help themselves finance the cost of higher education through a program that provides Illinois families with a method of State tax-free and federally tax-deferred, tax-exempt savings (instead of just tax-deferred savings) for higher education (instead of for college tuition). Removes a provision that provides that once a partial benefit of a prepaid tuition contract has been disbursed, any tax liability attributable to the contract and its assets becomes a tax liability of the qualified beneficiary, unless otherwise specified in the contract. Effective immediately.

House Committee Amendment No. 1
Provides that the intent of the Illinois Prepaid Tuition Act is to both encourage and better enable Illinois families to help themselves finance the cost of higher education through a program that provides Illinois families with a method of State tax-free and federally tax-exempt savings (rather than federally tax-deferred, tax-exempt savings) for higher education.

Actions 
DateChamber Action
  2/22/2007HouseFiled with the Clerk by Rep. Daniel J. Burke
  2/22/2007HouseFirst Reading
  2/22/2007HouseReferred to Rules Committee
  2/27/2007HouseAssigned to Higher Education Committee
  3/7/2007HouseHouse Committee Amendment No. 1 Filed with Clerk by Higher Education Committee
  3/7/2007HouseHouse Committee Amendment No. 1 Adopted in Higher Education Committee; 011-000-000
  3/7/2007HouseDo Pass as Amended / Short Debate Higher Education Committee; 011-000-000
  3/8/2007HousePlaced on Calendar 2nd Reading - Short Debate
  3/13/2007HouseSecond Reading - Short Debate
  3/13/2007HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/17/2007HouseAdded Chief Co-Sponsor Rep. Robert W. Pritchard
  4/17/2007HouseAdded Chief Co-Sponsor Rep. Sandra M. Pihos
  4/17/2007HouseAdded Chief Co-Sponsor Rep. Mike Fortner
  4/18/2007HouseAdded Chief Co-Sponsor Rep. Mary E. Flowers
  4/18/2007HouseAdded Co-Sponsor Rep. Elga L. Jefferies
  4/18/2007HouseAdded Co-Sponsor Rep. Richard T. Bradley
  4/18/2007HouseAdded Co-Sponsor Rep. Kevin A. McCarthy
  4/18/2007HouseAdded Co-Sponsor Rep. Jack D. Franks
  4/18/2007HouseAdded Co-Sponsor Rep. Linda Chapa LaVia
  4/18/2007HouseAdded Co-Sponsor Rep. William B. Black
  4/18/2007HouseThird Reading - Short Debate - Passed 116-000-000
  4/19/2007HouseAdded Co-Sponsor Rep. Shane Cultra
  4/20/2007SenateArrive in Senate
  4/20/2007SenatePlaced on Calendar Order of First Reading April 24, 2007
  5/1/2007SenateChief Senate Sponsor Sen. Frank C. Watson
  5/1/2007SenateFirst Reading
  5/1/2007SenateReferred to Rules
  5/2/2007SenateAssigned to Revenue
  5/10/2007SenateDo Pass Revenue; 008-000-000
  5/10/2007SenatePlaced on Calendar Order of 2nd Reading May 15, 2007
  5/10/2007SenateAdded as Alternate Chief Co-Sponsor Sen. Chris Lauzen
  5/10/2007SenateAdded as Alternate Co-Sponsor Sen. Matt Murphy
  5/18/2007SenateSecond Reading
  5/18/2007SenatePlaced on Calendar Order of 3rd Reading May 22, 2007
  5/22/2007SenateThird Reading - Passed; 059-000-000
  5/22/2007HousePassed Both Houses
  6/20/2007HouseSent to the Governor
  8/16/2007HouseGovernor Approved
  8/16/2007HouseEffective Date August 16, 2007
  8/16/2007HousePublic Act . . . . . . . . . 95-0217

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