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Public Act 91-0867
SB1537 Enrolled LRB9112771NTsb
AN ACT concerning the Illinois prepaid tuition program.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Prepaid Tuition Act is amended
by changing Section 55 and adding Section 62 as follows:
(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.)
(110 ILCS 979/62 new)
Sec. 62. Investment of ward's money in contract. A
contract shall be considered an investment for the purpose of
investing a ward's money under Section 21-2 of the Probate
Act of 1975.
Section 10. The Probate Act of 1975 is amended by adding
Section 21-2.14a as follows:
(755 ILCS 5/21-2.14a new)
Sec. 21-2.14a. Illinois prepaid tuition contract. An
Illinois prepaid tuition contract, as defined under the
Illinois Prepaid Tuition Act.
Section 99. Effective date. This Act takes effect upon
becoming law.
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