House Sponsors: COULSON-LYONS,EILEEN-MYERS,RICHARD-MITCHELL,BILL-LANG, GASH AND ERWIN. Short description: 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 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status