BURKE-MULLIGAN-SCHOENBERG-GILES. (WATSON) 15 ILCS 505/16.5 35 ILCS 5/203 from Ch. 120, par. 2-203 Amends the State Treasurer Act and the Illinois Income Tax Act. Exempts College Savings Pool moneys from a participant's or designated beneficiary's creditors and from consideration of a beneficiary's eligibility for scholarships awarded by the State. For Illinois income tax purposes, redefines an individual's adjusted gross income to (i) include earnings on college savings and tuition programs other than the College Savings Pool and the Illinois Prepaid Tuition Program and (ii) remove rollover contributions from the exemption for College Savings Pool contributions. Effective immediately. FISCAL NOTE (State Treasurer) HB 4187 will save the State significant lost revenues. Under current law, due to changes in Federal tax laws, the State could lose approximately $3 million in exempted interest earnings on investments in out-of-state college savings programs, also a possible loss of $6 million in deductions for investments in college savings transferred from out-of-state programs. This bill will prevent that loss. HOUSE AMENDMENT NO. 1. In the State Treasurer Act, removes the exemption of College Savings Pool moneys from a participant's or beneficiary's creditors. In the Illinois Income Tax Act, provides that an individual's adjusted gross income must be increased by the amount excluded from his or her federal gross income for distributions from tuition programs other than the College Savings Pool or the Illinois Prepaid Tuition Trust Fund. Provides that the deduction from an individual's adjusted gross income for contributions to a College Savings Pool account does not apply to amounts excluded from his or her federal gross income. JAN-30-2002 H FILED WITH CLERK JAN-30-2002 H FIRST READING JAN-30-2002 H REFERRED TO HOUSE RULES COMMITTEE RULES JAN-31-2002 H ADDED AS A JOINT SPONSOR MULLIGAN FEB-05-2002 H ASSIGNED TO COMMITTEE EXECUTIVE FEB-22-2002 H DO PASS/SHORT DEBATE 013-000-000 HEXC FEB-22-2002 H PLACED CALENDAR 2ND READING-SHORT DEBATE FEB-22-2002 H AMENDMENT NO. 01-BURKE FEB-22-2002 H AMENDMENT REFERRED TO HRUL FEB-22-2002 H CALENDAR ORDER 2ND READING-SHORT DEBATE FEB-27-2002 H FISCAL NOTE FILED FEB-27-2002 H CALENDAR ORDER 2ND READING-SHORT DEBATE MAR-22-2002 H SECOND READING-SHORT DEBATE MAR-22-2002 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE APR-01-2002 H AMENDMENT NO. 01-BURKE APR-01-2002 H RECOMMENDS BE ADOPTED HRUL/005-000-000 APR-01-2002 H AMENDMENT NO. 01-BURKE APR-01-2002 H ADOPTED APR-01-2002 H PLCD CAL ORDER 3RD READING-SHORT DEBATE APR-02-2002 H ADDED AS A JOINT SPONSOR SCHOENBERG APR-02-2002 H ADDED AS A JOINT SPONSOR GILES APR-02-2002 H THIRD READING/SHORT DEBATE/PASSED 073-035-006 APR-03-2002 S ARRIVE IN SENATE APR-03-2002 S PLACED CALENDAR ORDER OF FIRST READING 02-04-04 APR-03-2002 S CHIEF SPONSOR WATSON APR-04-2002 S FIRST READING APR-04-2002 S REFERRED TO SENATE RULES COMMITTEE RULES APR-10-2002 S ASSIGNED TO COMMITTEE EXECUTIVE APR-18-2002 S DO PASS 013-000-000 SEXC APR-18-2002 S PLACED ON CALENDAR ORDER OF 2ND READING 02-04-23 MAY-06-2002 S SECOND READING MAY-06-2002 S PLACED ON CALENDAR ORDER OF 3RD READING 02-05-07 MAY-07-2002 S THIRD READING - PASSED 049-004-001 MAY-07-2002 H PASSED BOTH HOUSES JUN-05-2002 H SENT TO THE GOVERNOR JUL-11-2002 H GOVERNOR APPROVED JUL-11-2002 H EFFECTIVE DATE 02-07-11 JUL-11-2002 H PUBLIC ACT.............................. 92-0626 END OF INQUIRY Full Text Bill Summary