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91_SB1862sam001
LRB9110258JMmbam01
1 AMENDMENT TO SENATE BILL 1862
2 AMENDMENT NO. . Amend Senate Bill 1862 on page 5, by
3 inserting after line 20 the following:
4 "The assets of the College Savings Pool and its income
5 and operation shall be exempt from all taxation by the State
6 of Illinois and any of its subdivisions. The accrued
7 earnings on investments in the Pool once disbursed on behalf
8 of a designated beneficiary shall be similarly exempt from
9 all taxation by the State of Illinois and its subdivisions,
10 so long as they are used for qualified expenses. The
11 provisions of this paragraph are exempt from Section 250 of
12 the Illinois Income Tax Act.".