MYERS, BURZYNSKI, MAHAR, DONAHUE AND WALSH,T.
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1
END OF INQUIRY
Full Text Bill Status