MADIGAN,MJ-ERWIN-CROTTY-PHELPS-YOUNGE, BUGIELSKI, CAPPARELLI, CURRIE, CURRY,JULIE, FEIGENHOLTZ, GASH, GIGLIO, GILES, GRANBERG, HARTKE, HOWARD, KENNER, LANG, LOPEZ, MAUTINO, MCGUIRE, MCKEON, PUGH, RONEN, SANTIAGO, SCHAKOWSKY, SCOTT, SILVA, SLONE, DAVIS,MONIQUE, DART, FLOWERS, BROSNAHAN, O'BRIEN, BRUNSVOLD, JONES,LOU, HANNIG, SCULLY, ACEVEDO, COULSON AND SMITH,MICHAEL. (CRONIN-WELCH-SEVERNS-HALVORSON-LINK) 35 ILCS 5/205.5 new Amends the Illinois Income Tax Act. Provides that higher education saving accounts are accounts established by a qualified taxpayer for the purpose of saving for eligible education related expenses of the account holder, spouse, or child associated with attending a public or private institution of higher education. Provides that a qualified taxpayer shall have an annual adjusted gross income of less than $100,000. Provides that, beginning with taxable years ending on or after December 31, 1997, the principal and the income earned on these accounts is exempt from taxation under the Illinois Income Tax Act if the money in the accounts is used for eligible education related expenses. Provides that if the principal in or any income earned on money held in the higher education savings account is used for any purpose other than eligible education related expenses, that principal or income shall be subject to taxation under the Illinois Income Tax Act and, in addition, the account holder shall incur a penalty in an amount equal to 10% of that principal or income used for purposes other than eligible education related expenses. Provides that the Department of Revenue shall promulgate rules necessary to enforce and implement these provisions. Provides that these provisions are exempt from the provisions concerning the 5-year automatic sunset. Effective immediately. FISCAL NOTE (Dept. of Revenue) The fiscal impact of HB 401 is indeterminable. STATE MANDATES FISCAL NOTE In the opinion of DCCA, HB 401 fails to create a State mandate. HOUSE AMENDMENT NO. 1. Provides that "eligible education related expenses" shall not include expenses incurred in purchasing a motor vehicle. FISCAL NOTE, H-am 1 (Dept. of Revenue) HB 401 fiscal impact is indeterminable. 97-01-30 H FIRST READING 97-01-30 H ADDED AS A JOINT SPONSOR ERWIN 97-01-30 H ADDED AS A CO-SPONSOR CROTTY 97-01-30 H ADDED AS A CO-SPONSOR PHELPS 97-01-30 H ADDED AS A CO-SPONSOR YOUNGE 97-01-30 H ADDED AS A CO-SPONSOR BOLAND 97-01-30 H ADDED AS A CO-SPONSOR BUGIELSKI 97-01-30 H ADDED AS A CO-SPONSOR CAPPARELLI 97-01-30 H ADDED AS A CO-SPONSOR CURRIE 97-01-30 H ADDED AS A CO-SPONSOR CURRY,JULIE 97-01-30 H ADDED AS A CO-SPONSOR DAVIS,STEVE 97-01-30 H ADDED AS A CO-SPONSOR FEIGENHOLTZ 97-01-30 H ADDED AS A CO-SPONSOR GASH 97-01-30 H ADDED AS A CO-SPONSOR GIGLIO 97-01-30 H ADDED AS A CO-SPONSOR GILES 97-01-30 H ADDED AS A CO-SPONSOR GRANBERG 97-01-30 H ADDED AS A CO-SPONSOR HARTKE 97-01-30 H ADDED AS A CO-SPONSOR HOLBROOK 97-01-30 H ADDED AS A CO-SPONSOR HOWARD 97-01-30 H ADDED AS A CO-SPONSOR KENNER 97-01-30 H ADDED AS A CO-SPONSOR LANG 97-01-30 H ADDED AS A CO-SPONSOR LOPEZ 97-01-30 H ADDED AS A CO-SPONSOR MAUTINO 97-01-30 H ADDED AS A CO-SPONSOR MCGUIRE 97-01-30 H ADDED AS A CO-SPONSOR MCKEON 97-01-30 H ADDED AS A CO-SPONSOR NOVAK 97-01-30 H ADDED AS A CO-SPONSOR PUGH 97-01-30 H ADDED AS A CO-SPONSOR RONEN 97-01-30 H ADDED AS A CO-SPONSOR SANTIAGO 97-01-30 H ADDED AS A CO-SPONSOR SCHAKOWSKY 97-01-30 H ADDED AS A CO-SPONSOR SCOTT 97-01-30 H ADDED AS A CO-SPONSOR SILVA 97-01-30 H ADDED AS A CO-SPONSOR SLONE 97-01-30 H ADDED AS A CO-SPONSOR WOOLARD 97-01-30 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-01-31 H ADDED AS A CO-SPONSOR DAVIS,MONIQUE 97-01-31 H ADDED AS A CO-SPONSOR DART 97-01-31 H ADDED AS A CO-SPONSOR FLOWERS 97-02-05 H ADDED AS A CO-SPONSOR BROSNAHAN 97-02-05 H ADDED AS A CO-SPONSOR O'BRIEN 97-02-05 H ADDED AS A CO-SPONSOR MCCARTHY 97-02-05 H ADDED AS A CO-SPONSOR BRUNSVOLD 97-02-05 H ASSIGNED TO COMMITTEE HIGHER ED 97-02-06 H ADDED AS A CO-SPONSOR JONES,LOU 97-02-27 H ADDED AS A CO-SPONSOR HANNIG 97-02-28 H DO PASS/STANDARD DEBATE 015-000-000 HHED 97-02-28 H PLACED CAL 2ND READING-STANDARD DEBATE 97-02-28 H FISCAL NOTE REQUESTED WIRSING 97-02-28 H STATE MANDATES FISCAL NOTE REQUESTED WIRSING 97-02-28 H CALENDAR ORDER 2ND READING-STANDARD DBT 97-02-28 H ADDED AS A CO-SPONSOR SCULLY 97-03-04 H FISCAL NOTE FILED 97-03-04 H CALENDAR ORDER 2ND READING-STANDARD DBT 97-03-04 H ADDED AS A CO-SPONSOR ACEVEDO 97-03-04 H ADDED AS A CO-SPONSOR FANTIN 97-03-06 H STATE MANDATES FISCAL NOTE FILED 97-03-06 H CALENDAR ORDER 2ND READING-STANDARD DBT 97-03-11 H SECOND READING-STANDARD DEBATE 97-03-11 H PLCD CAL ORDER 3RD READING-STNDRD DEBATE 97-03-21 H RECLLD TO SECOND READING-STANDARD DEBATE 97-03-21 H HELD CAL ORDER 2ND READING-STANDARD DBT 97-03-21 H AMENDMENT NO. 01-MADIGAN,MJ 97-03-21 H AMENDMENT REFERRED TO HRUL 97-03-21 H AMENDMENT NO. 01-MADIGAN,MJ 97-03-21 H BE ADOPTED HRUL 97-03-21 H AMENDMENT NO. 01-MADIGAN,MJ 97-03-21 H ADOPTED 97-03-21 H PLCD CAL ORDER 3RD READING-STNDRD DEBATE 97-04-08 H FISCAL NOTE FILED AS AMENDED 97-04-08 H CALENDAR ORDER 3RD READING-STNDRD DEBATE 97-04-10 H ADDED AS A CO-SPONSOR COULSON 97-04-10 H THIRD READING/STANDARD DEBATE/PASS 117-000-000 97-04-10 H ADDED AS A CO-SPONSOR SMITH,MICHAEL 97-04-11 S ARRIVE IN SENATE 97-04-11 S CHIEF SPONSOR CRONIN 97-04-11 S PLACED CALENDAR ORDER OF FIRST READING 97-04-11 S ADDED AS A CHIEF CO-SPONSOR WELCH 97-04-11 S ADDED AS A CHIEF CO-SPONSOR SEVERNS 97-04-11 S ADDED AS A CHIEF CO-SPONSOR HALVORSON 97-04-11 S ADDED AS A CHIEF CO-SPONSOR LINK 97-04-11 S FIRST READING 97-04-11 S REFERRED TO SENATE RULES COMMITTEE RULES 97-04-14 S ADDED AS A CO-SPONSOR BERMAN 97-04-15 S ADDED AS A CO-SPONSOR SHADID 97-04-15 S ADDED AS A CO-SPONSOR REA 97-04-15 S ADDED AS A CO-SPONSOR FARLEY 97-04-15 S ADDED AS A CO-SPONSOR BOWLES 97-04-16 S ADDED AS A CO-SPONSOR O'DANIEL 97-04-16 S ADDED AS A CO-SPONSOR OBAMA 97-04-23 S ADDED AS A CO-SPONSOR CLAYBORNE 97-04-24 S ADDED AS A CO-SPONSOR CARROLL 97-04-24 S ADDED AS A CO-SPONSOR DILLARD 99-01-12 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary