(110 ILCS 979/55)
Sec. 55.
Tax exemption.
The assets of the Illinois Prepaid Tuition Trust
Fund and its income and operation shall be exempt from all taxation by the
State of Illinois and any of its subdivisions. The accrued earnings of
Illinois prepaid tuition contracts once disbursed on behalf of an eligible
beneficiary shall be similarly exempt from all taxation by the State of
Illinois and any of its subdivisions, so long as they are used for educational
purposes in accordance with the provisions of an Illinois prepaid tuition
contract. The provisions of this Section are exempt from the provisions of
Section 250 of the Illinois Income Tax Act.
(Source: P.A. 90-546, eff. 12-1-97; 91-867, eff. 6-22-00.)
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