COULSON-WOOD-ERWIN-WIRSING-CLAYTON, LYONS,EILEEN, SCHOENBERG, MULLIGAN AND WAIT. (PARKER-BERMAN-LINK) 35 ILCS 5/203 from Ch. 120, par. 2-203 35 ILCS 5/215 new Amends the Illinois Income Tax Act. Allows individual taxpayers who are 20 years of age or younger a deduction in an amount, not to exceed $1,000, equal to the amount deposited in and the interest earned on a college savings plan account. Provides that a taxpayer shall not be required to deposit more than $500 into an account to begin a college savings plan. Requires the moneys deposited into and the interest earned on an account designated as a college savings plan to be used only by the account holder and only for college or university expenses. Provides that if a taxpayer uses moneys deposited in the college savings plan account for a purpose other than college or university expenses, the moneys shall be subject to taxation under this Act and the account holder shall incur a penalty equal to 10% of that principal or income used for purposes other than college or university expenses. States that the Department of Revenue shall promulgate rules to implement and enforce this Section. HOUSE AMENDMENT NO. 1. Defines "eligible taxpayer" as a taxpayer who is (i) 20 years of age or younger, (ii) over 20 years of age and attending a college or university, or (iii) the relative or legal guardian of a individual 20 years of age or younger or over 20 years of age and attending a college or university and who deposits money in a college savings plan for the benefit of a taxpayer who is 20 years of age or younger or over 20 years of age and attending a college or university. Allows eligible taxpayers to deduct an amount, not to exceed $1,000, equal to the amount deposited in and the interest earned on a college savings plan account. Exempts the deduction from the sunset provisions. 97-03-04 H FIRST READING 97-03-04 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-03-05 H ASSIGNED TO COMMITTEE HIGHER ED 97-03-20 H AMENDMENT NO. 01-HIGHER ED H 97-03-20 H ADOPTED 97-03-20 H DO PASS AMENDED/SHORT DEBATE 013-000-000 HHED 97-03-20 H PLACED CALENDAR 2ND READING-SHORT DEBATE 97-04-09 H ADDED AS A JOINT SPONSOR WOOD 97-04-10 H SECOND READING-SHORT DEBATE 97-04-10 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 97-04-10 H ADDED AS A CO-SPONSOR ERWIN 97-04-10 H ADDED AS A CO-SPONSOR WIRSING 97-04-10 H ADDED AS A CO-SPONSOR CLAYTON 97-04-10 H ADDED AS A CO-SPONSOR LYONS,EILEEN 97-04-10 H ADDED AS A CO-SPONSOR PERSICO 97-04-10 H ADDED AS A CO-SPONSOR SCHOENBERG 97-04-10 H ADDED AS A CO-SPONSOR MULLIGAN 97-04-11 H THIRD READING/SHORT DEBATE/PASSED 116-000-000 97-04-11 H ADDED AS A CO-SPONSOR WAIT 97-04-14 S ARRIVE IN SENATE 97-04-14 S CHIEF SPONSOR BERMAN 97-04-14 S ADDED AS A CHIEF CO-SPONSOR PARKER 97-04-14 S PLACED CALENDAR ORDER OF FIRST READING 97-04-14 S FIRST READING 97-04-14 S REFERRED TO SENATE RULES COMMITTEE RULES 97-04-15 S SPONSOR REMOVED BERMAN 97-04-15 S ALTERNATE CHIEF SPONSOR CHANGED TO PARKER 97-04-15 S SPONSOR REMOVED PARKER 97-04-15 S CHIEF CO-SPONSOR CHANGED TO BERMAN 97-04-24 S ADDED AS A CHIEF CO-SPONSOR LINK 99-01-12 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary