Bill Text: IL HB4061 | 2017-2018 | 100th General Assembly | Introduced


Bill Title: Amends the Illinois Prepaid Tuition Act. Makes a technical change in a Section concerning a tax exemption.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB4061 Detail]

Download: Illinois-2017-HB4061-Introduced.html


100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB4061

Introduced , by Rep. Kelly M. Cassidy

SYNOPSIS AS INTRODUCED:
110 ILCS 979/55

Amends the Illinois Prepaid Tuition Act. Makes a technical change in a Section concerning a tax exemption.
LRB100 13047 MLM 27398 b

A BILL FOR

HB4061LRB100 13047 MLM 27398 b
1 AN ACT concerning education.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Illinois Prepaid Tuition Act is amended by
5changing Section 55 as follows:
6 (110 ILCS 979/55)
7 Sec. 55. Tax exemption. The The assets of the Illinois
8Prepaid Tuition Trust Fund and its income and operation shall
9be exempt from all taxation by the State of Illinois and any of
10its subdivisions. The accrued earnings of Illinois prepaid
11tuition contracts once disbursed on behalf of an eligible
12beneficiary shall be similarly exempt from all taxation by the
13State of Illinois and any of its subdivisions, so long as they
14are used for educational purposes in accordance with the
15provisions of an Illinois prepaid tuition contract. The
16provisions of this Section are exempt from the provisions of
17Section 250 of the Illinois Income Tax Act.
18(Source: P.A. 90-546, eff. 12-1-97; 91-867, eff. 6-22-00.)
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