90th General Assembly
Summary of HB2806
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House Sponsors:

Short description: 
INC TX-COLLEGE SAVINGS PLAN                                                

Synopsis of Bill as introduced:
        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.                                                       
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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