GASH AND ERWIN.
INC TX-COLLEGE SAVINGS PLAN
Synopsis of Bill as introduced:
Amends the Illinois Income Tax Act. Allows certain individual
taxpayers a deduction in an amount, not to exceed $1,000, equal to the
amount deposited in and the interest earned on a college savings plan
account. Provides that a taxpayer shall not be required to deposit
more than $500 into an account to begin a college savings plan.
Requires the moneys deposited into and the interest earned on an
account designated as a college savings plan to be used only by the
account holder and only for college or university expenses. Provides
that if a taxpayer uses moneys deposited in the college savings plan
account for a purpose other than college or university expenses, the
moneys shall be subject to taxation under this Act and the account
holder shall incur a penalty equal to 10% of that principal or income
used for purposes other than college or university expenses.
Last action on Bill: SESSION SINE DIE
Last action date: 01-01-09
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status