97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0630

 

Introduced 01/31/11, by Rep. Michael J. Madigan

 

SYNOPSIS AS INTRODUCED:
 
110 ILCS 979/55

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


LRB097 03456 NHT 43493 b

 

 

A BILL FOR

 

HB0630LRB097 03456 NHT 43493 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.)