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91_SB1537enr SB1537 Enrolled LRB9112771NTsb 1 AN ACT concerning the Illinois prepaid tuition program. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Prepaid Tuition Act is amended 5 by changing Section 55 and adding Section 62 as follows: 6 (110 ILCS 979/55) 7 Sec. 55. Tax exemption. The assets of the Illinois 8 Prepaid Tuition Trust Fund and its income and operation shall 9 be exempt from all taxation by the State of Illinois and any 10 of its subdivisions. The accrued earnings of Illinois 11 prepaid tuition contracts once disbursed on behalf of an 12 eligible beneficiary shall be similarly exempt from all 13 taxation by the State of Illinois and any of its 14 subdivisions, so long as they are used for educational 15 purposes in accordance with the provisions of an Illinois 16 prepaid tuition contract. The provisions of this Section are 17 exempt from the provisions of Section 250 of the Illinois 18 Income Tax Act. 19 (Source: P.A. 90-546, eff. 12-1-97.) 20 (110 ILCS 979/62 new) 21 Sec. 62. Investment of ward's money in contract. A 22 contract shall be considered an investment for the purpose of 23 investing a ward's money under Section 21-2 of the Probate 24 Act of 1975. 25 Section 10. The Probate Act of 1975 is amended by adding 26 Section 21-2.14a as follows: 27 (755 ILCS 5/21-2.14a new) 28 Sec. 21-2.14a. Illinois prepaid tuition contract. An SB1537 Enrolled -2- LRB9112771NTsb 1 Illinois prepaid tuition contract, as defined under the 2 Illinois Prepaid Tuition Act. 3 Section 99. Effective date. This Act takes effect upon 4 becoming law.