Senate Sponsors: WATSON-SULLIVAN-NOLAND-RADOGNO-LUECHTEFELD, MYERS, BURZYNSKI, MAHAR, DONAHUE AND WALSH,T. House Sponsors: WIRSING-FOWLER-FORBY-BURKE-MCKEON Short description: COLL SAVINGS POOL-TX DEDUCTION Synopsis of Bill as introduced: Amends the State Treasurer Act. Makes a technical change in a Section concerning a college savings pool. SENATE AMENDMENT NO. 1. Adds reference to: 35 ILCS 5/203 from Ch. 120, par. 2-203 110 ILCS 979/55 Deletes everything. Amends the Illinois Income Tax Act. Allows a deduction for individuals for moneys contributed in the taxable year to a College Savings Pool account, for taxable years beginning on or after January 1, 2002. Beginning with taxable years ending on or after December 31, 2001, allows a deduction of an amount equal to the amount spent by an individual taxpayer during the taxable year to purchase an Illinois prepaid tuition contract. Exempts the deductions from the sunset provisions of the Act. Amends the State Treasurer Act to provide that contributions to a College Savings Pool account during the taxable year may be deducted from adjusted gross income as provided in the Illinois Income Tax Act. Amends the Illinois Prepaid Tuition Act. Provides that the amount spent by a purchaser of an Illinois prepaid tuition contract during the taxable year may be deducted from adjusted gross income as provided in the Illinois Income Tax Act. Effective immediately. HOUSE AMENDMENT NO. 1. Deletes reference to: 110 ILCS 979/55 Removes provisions concerning exemptions for the purchase of an Illinois prepaid tuition contract. Removes the amendment to the Illinois Prepaid Tuition Act referencing the exemption. Last action on Bill: PUBLIC ACT.............................. 92-0439 Last action date: AUG-17-2001 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status