Bill Status of SB 529   93rd General Assembly

Short Description:  COLLEGE SAVINGS PROGRAMS

Senate Sponsors
Sen. Patrick Welch-Susan Garrett-Louis S. Viverito, Mattie Hunter-Carol Ronen-Barack Obama, Martin A. Sandoval and John M. Sullivan

House Sponsors
(Rep. Jack D. Franks-Ralph C. Capparelli-Kathleen A. Ryg-Robert F. Flider-William Delgado, Mary K. O'Brien, Karen May, Charles E. Jefferson, Monique D. Davis and Robert Rita)


Last Action  View All Actions

DateChamber Action
  1/11/2005SenateSession Sine Die

Statutes Amended In Order of Appearance
15 ILCS 505/16.5
35 ILCS 5/203from Ch. 120, par. 2-203

Synopsis As Introduced
Amends the Illinois Income Tax Act. Removes a provision that requires a taxpayer to add to federal adjusted gross income, to arrive at base income for Illinois income tax purposes, distributions from a qualified tuition program under Section 529 of the Internal Revenue Code other than distributions from the College Savings Pool or the Illinois Prepaid Tuition Program to the extent those distributions were excluded from income in arriving at federal adjusted gross income. Amends the State Treasurer Act and further amends the Illinois Income Tax Act to allow an income tax deduction for moneys contributed in the taxable year to the College Savings Pool, the Illinois Prepaid Tuition Program, or to any other qualified tuition program under Section 529 of the Internal Revenue Code (now, deduction limited to College Savings Pool contributions). Effective immediately.

 Fiscal Note (Department of Revenue)
 The Department is unable to determine the fiscal impact due to a number of unknowns. The Department cannot estimate the amount of distributions that would be made in any given year. The amount of money that would be contributed in a given year is also unknown. However, for every $1 million worth of deductions, the State loses $30,000.

Senate Floor Amendment No. 1
Further amends the State Treasurer Act. With respect to the College Savings Pool, removes language providing that contributions to the College Savings Pool shall not be considered by the Illinois Student Assistance Commission, the State, or any agency thereof in awarding student financial aid.

Actions 
DateChamber Action
  2/18/2003SenateFiled with Secretary by Sen. Patrick Welch
  2/18/2003SenateFirst Reading
  2/18/2003SenateReferred to Rules
  2/19/2003SenateAssigned to Revenue
  2/27/2003SenatePostponed - Revenue
  3/6/2003SenateDo Pass Revenue; 006-002-000
  3/6/2003SenatePlaced on Calendar Order of 2nd Reading March 11, 2003
  3/6/2003SenateFiscal Note Requested by Sen. Chris Lauzen
  3/13/2003SenateAdded as Chief Co-Sponsor Sen. Susan Garrett
  3/13/2003SenateFiscal Note Filed
  3/25/2003SenateSecond Reading
  3/25/2003SenatePlaced on Calendar Order of 3rd Reading March 26, 2003
  3/25/2003SenateAdded as Chief Co-Sponsor Sen. Louis S. Viverito
  3/25/2003SenateAdded as Co-Sponsor Sen. Mattie Hunter
  3/26/2003SenateAdded as Chief Co-Sponsor Sen. Dan Rutherford
  3/26/2003SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Patrick Welch
  3/26/2003SenateSenate Floor Amendment No. 1 Referred to Rules
  3/26/2003SenateSenate Floor Amendment No. 1 Rules Refers to Revenue
  3/27/2003SenateSenate Floor Amendment No. 1 Be Adopted Revenue; 008-000-001
  3/27/2003SenateSponsor Removed Sen. Dan Rutherford
  4/1/2003SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Chris Lauzen
  4/1/2003SenateSenate Floor Amendment No. 2 Referred to Rules
  4/2/2003SenateRecalled to Second Reading
  4/2/2003SenateSenate Floor Amendment No. 1 Adopted; Welch
  4/2/2003SenatePlaced on Calendar Order of 3rd Reading April 3, 2003
  4/3/2003SenateAdded as Chief Co-Sponsor Sen. Carol Ronen
  4/3/2003SenateAdded as Chief Co-Sponsor Sen. Barack Obama
  4/3/2003SenateAdded as Co-Sponsor Sen. Martin A. Sandoval
  4/3/2003SenateThird Reading - Passed; 034-020-001
  4/3/2003SenateSenate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a)
  4/4/2003HouseArrived in House
  4/4/2003HouseChief House Sponsor Rep. Ralph C. Capparelli
  4/4/2003SenateAdded as Co-Sponsor Sen. John M. Sullivan
  4/4/2003HouseFirst Reading
  4/4/2003HouseReferred to Rules Committee
  4/8/2003HouseAssigned to Revenue Committee
  4/10/2003HouseAdded Alternate Chief Co-Sponsor Rep. Kathleen A. Ryg
  4/15/2003HouseAlternate Chief Sponsor Changed to Rep. Jack D. Franks
  4/15/2003HouseAdded Alternate Chief Co-Sponsor Rep. Ralph C. Capparelli
  4/15/2003HouseAdded Alternate Chief Co-Sponsor Rep. Robert F. Flider
  4/15/2003HouseAdded Alternate Chief Co-Sponsor Rep. William Delgado
  4/16/2003HouseAdded Alternate Co-Sponsor Rep. Mary K. O'Brien
  5/2/2003HouseRule 19(a) / Re-referred to Rules Committee
  5/8/2003HouseAdded Alternate Co-Sponsor Rep. Karen May
  5/13/2003HouseAdded Alternate Co-Sponsor Rep. Charles E. Jefferson
  5/13/2003HouseAdded Alternate Co-Sponsor Rep. Monique D. Davis
  5/13/2003HouseAdded Alternate Co-Sponsor Rep. Robert Rita
  1/11/2005SenateSession Sine Die

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