Illinois General Assembly - Bill Status for HB4914

Illinois General Assembly - Bill Status for HB4914

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Bill Status of HB4914 93rd General Assembly

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Short Description: COLLEGE SAVINGS

House Sponsors
Rep. Kevin Joyce - Lisa M. Dugan - William J. Grunloh - William B. Black, Robin Kelly, David E. Miller, Jack D. Franks, Linda Chapa LaVia and Mike Boland

Senate Sponsors
(Sen. James F. Clayborne, Jr. - Edward D. Maloney - Jacqueline Y. Collins - Chris Lauzen and Martin A. Sandoval)

Last Action

Date	Chamber	Action
7/26/2004	House	Public Act . . . . . . . . . 93-0812

Statutes Amended In Order of Appearance

15 ILCS 505/16.5

from Ch. 120, par. 2-203

110 ILCS 920/9 rep.

from Ch. 144, par. 2409

110 ILCS 979/70 rep.

Synopsis As Introduced
Amends the Illinois Income Tax Act. Authorizes a deduction of up to $10,000 per taxable year for amounts contributed in the taxable year to a College Savings Pool Account or the Illinois Prepaid Tuition Trust Fund, excluding amounts rolled over into the account (now, unlimited deductions authorized only for contributions to the College Savings Pool, excluding rollovers). Amends the State Treasurer Act, the Baccalaureate Savings Act, and the Illinois Prepaid Tuition Act to remove language providing that (i) contributions to the Bright Start Program; (ii) contributions toward the purchase of the first $25,000 of College Savings Bonds; and (iii) contributions toward the purchase of an Illinois Prepaid Tuition Contract, respectively, shall not be counted against the financial aid awarded by the Illinois Student Assistance Commission, the State, or any agency thereof. Effective immediately, except that the changes to the State Treasurer Act, the Baccalaureate Savings Act, and the Illinois Prepaid Tuition Act take effect on January 1, 2005.

Fiscal Note (Department of Revenue)

House Bill 4914 limits deductions for contributions to the Bright Start program to $10,000 and creates a new deduction for contributions to College Illinois limited to $10,000. Limiting Bright Start contribution deductions to $10,000 will save the State approximately $1.5 million. Allowing deductions for contributions up to $10,000 to the College Illinois program is estimated to cost approximately $2.2 million. This is a net cost of $700,000.

House Floor Amendment No. 1
Amends the Illinois Income Tax Act. Provides that the deduction of certain amounts contributed during the taxable year to a College Savings Pool Account or the Illinois Prepaid Tuition Trust Fund shall be for taxable years beginning on or after January 1, 2005 (rather than January 1, 2004). Makes corresponding changes.

Actions

Date	Chamber	Action
2/4/2004	House	Filed with the Clerk by Rep. Kevin Joyce
2/5/2004	House	First Reading
2/5/2004	House	Referred to Rules Committee
2/19/2004	House	Assigned to Revenue Committee
2/26/2004	House	Added Chief Co-Sponsor Rep. Lisa M. Dugan
2/26/2004	House	Added Chief Co-Sponsor Rep. William J. Grunloh
3/2/2004	House	Added Co-Sponsor Rep. Robin Kelly
3/4/2004	House	Do Pass / Short Debate Revenue Committee; 009-000-000
3/4/2004	House	Placed on Calendar 2nd Reading - Short Debate
3/12/2004	House	Fiscal Note Filed
3/23/2004	House	Second Reading - Short Debate
3/23/2004	House	Placed on Calendar Order of 3rd Reading - Short Debate
3/23/2004	House	Recalled to Second Reading - Short Debate
3/23/2004	House	Held on Calendar Order of Second Reading - Short Debate
3/23/2004	House	House Floor Amendment No. 1 Filed with Clerk by Rep. Kevin Joyce
3/23/2004	House	House Floor Amendment No. 1 Referred to Rules Committee
3/24/2004	House	Added Co-Sponsor Rep. David E. Miller
3/25/2004	House	House Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000
3/25/2004	House	Second Reading - Short Debate
3/25/2004	House	House Floor Amendment No. 1 Adopted by Voice Vote
3/25/2004	House	Placed on Calendar Order of 3rd Reading - Short Debate
3/26/2004	House	Third Reading - Short Debate - Passed 112-000-000
3/26/2004	House	Added Co-Sponsor Rep. Jack D. Franks
3/26/2004	House	Added Co-Sponsor Rep. Linda Chapa LaVia
3/26/2004	House	Added Co-Sponsor Rep. Mike Boland
3/26/2004	House	Added Chief Co-Sponsor Rep. William B. Black
3/26/2004	Senate	Arrive in Senate
3/26/2004	Senate	Placed on Calendar Order of First Reading March 30, 2004
3/30/2004	Senate	Chief Senate Sponsor Sen. James F. Clayborne, Jr.
3/30/2004	Senate	First Reading
3/30/2004	Senate	Referred to Rules
3/31/2004	Senate	Added as Alternate Chief Co-Sponsor Sen. Edward D. Maloney
4/15/2004	Senate	Assigned to Revenue
4/22/2004	Senate	Do Pass Revenue; 009-000-000
4/22/2004	Senate	Placed on Calendar Order of 2nd Reading April 27, 2004
4/26/2004	Senate	Added as Alternate Chief Co-Sponsor Sen. Jacqueline Y. Collins
4/28/2004	Senate	Second Reading
4/28/2004	Senate	Placed on Calendar Order of 3rd Reading April 29, 2004
4/28/2004	Senate	Added as Alternate Chief Co-Sponsor Sen. Chris Lauzen
5/11/2004	Senate	Added as Alternate Co-Sponsor Sen. Martin A. Sandoval
5/11/2004	Senate	Third Reading - Passed; 054-002-000
5/11/2004	House	Passed Both Houses
6/9/2004	House	Sent to the Governor
7/26/2004	House	Governor Approved
7/26/2004	House	Effective Date July 26, 2004; Generally Effective
7/26/2004	House	Effective Date January 1, 2005; Some Parts
7/26/2004	House	Public Act . . . . . . . . . 93-0812