COULSON. 35 ILCS 5/203 from Ch. 120, par. 2-203 35 ILCS 5/215 new Amends the Illinois Income Tax Act. Allows certain individual taxpayers 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. 98-02-04 H FILED WITH CLERK 98-02-04 H FIRST READING 98-02-04 H REFERRED TO HOUSE RULES COMMITTEE RULES 99-01-12 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary