92nd General Assembly
Summary of SB0902
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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 



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