COLLEGE SAVINGS House SponsorsRep. Kevin Joyce-Lisa M. Dugan-William J. Grunloh-William B. Black, Robin Kelly, David E. Miller, Jack D. Franks, Linda Chapa LaVia and Mike Boland Senate Sponsors(Sen. James F. Clayborne, Jr.-Edward D. Maloney-Jacqueline Y. Collins-Chris Lauzen and Martin A. Sandoval) 7/26/2004HousePublic Act . . . . . . . . . 93-0812 15 ILCS 505/16.535 ILCS 5/203from Ch. 120, par. 2-203110 ILCS 920/9 rep.from Ch. 144, par. 2409110 ILCS 979/70 rep. Amends the Illinois Income Tax Act. Authorizes a deduction of up to $10,000 per taxable year for amounts contributed in the taxable year to a College Savings Pool Account or the Illinois Prepaid Tuition Trust Fund, excluding amounts rolled over into the account (now, unlimited deductions authorized only for contributions to the College Savings Pool, excluding rollovers). Amends the State Treasurer Act, the Baccalaureate Savings Act, and the Illinois Prepaid Tuition Act to remove language providing that (i) contributions to the Bright Start Program; (ii) contributions toward the purchase of the first $25,000 of College Savings Bonds; and (iii) contributions toward the purchase of an Illinois Prepaid Tuition Contract, respectively, shall not be counted against the financial aid awarded by the Illinois Student Assistance Commission, the State, or any agency thereof. Effective immediately, except that the changes to the State Treasurer Act, the Baccalaureate Savings Act, and the Illinois Prepaid Tuition Act take effect on January 1, 2005.Fiscal Note (Department of Revenue) House Bill 4914 limits deductions for contributions to the Bright Start program to $10,000 and creates a new deduction for contributions to College Illinois limited to $10,000. Limiting Bright Start contribution deductions to $10,000 will save the State approximately $1.5 million. Allowing deductions for contributions up to $10,000 to the College Illinois program is estimated to cost approximately $2.2 million. This is a net cost of $700,000.House Amendment No. 1 Amends the Illinois Income Tax Act. Provides that the deduction of certain amounts contributed during the taxable year to a College Savings Pool Account or the Illinois Prepaid Tuition Trust Fund shall be for taxable years beginning on or after January 1, 2005 (rather than January 1, 2004). Makes corresponding changes. 2/4/2004HouseFiled with the Clerk by Rep. Kevin Joyce 2/5/2004HouseFirst Reading 2/5/2004HouseReferred to Rules Committee 2/19/2004HouseAssigned to Revenue Committee 2/26/2004HouseAdded Chief Co-Sponsor Rep. Lisa M. Dugan 2/26/2004HouseAdded Chief Co-Sponsor Rep. William J. Grunloh 3/2/2004HouseAdded Co-Sponsor Rep. Robin Kelly 3/4/2004HouseDo Pass / Short Debate Revenue Committee; 009-000-000 3/4/2004HousePlaced on Calendar 2nd Reading - Short Debate 3/12/2004HouseFiscal Note Filed 3/23/2004HouseSecond Reading - Short Debate 3/23/2004HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/23/2004HouseRecalled to Second Reading - Short Debate 3/23/2004HouseHeld on Calendar Order of Second Reading - Short Debate 3/23/2004HouseHouse Amendment No. 1 Filed with Clerk by Rep. Kevin Joyce 3/23/2004HouseHouse Amendment No. 1 Referred to Rules Committee 3/24/2004HouseAdded Co-Sponsor Rep. David E. Miller 3/25/2004HouseHouse Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000 3/25/2004HouseSecond Reading - Short Debate 3/25/2004HouseHouse Amendment No. 1 Adopted by Voice Vote 3/25/2004HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/26/2004HouseThird Reading - Short Debate - Passed 112-000-000 3/26/2004HouseAdded Co-Sponsor Rep. Jack D. Franks 3/26/2004HouseAdded Co-Sponsor Rep. Linda Chapa LaVia 3/26/2004HouseAdded Co-Sponsor Rep. Mike Boland 3/26/2004HouseAdded Chief Co-Sponsor Rep. William B. Black 3/26/2004SenateArrive in Senate 3/26/2004SenatePlaced on Calendar Order of First Reading March 30, 2004 3/30/2004SenateChief Senate Sponsor Sen. James F. Clayborne, Jr. 3/30/2004SenateFirst Reading 3/30/2004SenateReferred to Rules 3/31/2004SenateAdded as Alternate Chief Co-Sponsor Sen. Edward D. Maloney 4/15/2004SenateAssigned to Revenue 4/22/2004SenateDo Pass Revenue; 009-000-000 4/22/2004SenatePlaced on Calendar Order of 2nd Reading April 27, 2004 4/26/2004SenateAdded as Alternate Chief Co-Sponsor Sen. Jacqueline Y. Collins 4/28/2004SenateSecond Reading 4/28/2004SenatePlaced on Calendar Order of 3rd Reading April 29, 2004 4/28/2004SenateAdded as Alternate Chief Co-Sponsor Sen. Chris Lauzen 5/11/2004SenateAdded as Alternate Co-Sponsor Sen. Martin A. Sandoval 5/11/2004SenateThird Reading - Passed; 054-002-000 5/11/2004HousePassed Both Houses 6/9/2004HouseSent to the Governor 7/26/2004HouseGovernor Approved 7/26/2004HouseEffective Date July 26, 2004; Generally Effective 7/26/2004HouseEffective Date January 1, 2005; Some Parts 7/26/2004HousePublic Act . . . . . . . . . 93-0812