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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB5314 Introduced , by Rep. Kelly M. Burke SYNOPSIS AS INTRODUCED:
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Amends the Illinois Prepaid Tuition Act. Makes a technical change in a Section
concerning a tax exemption.
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| | A BILL FOR |
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| | HB5314 | | LRB101 18772 CMG 68227 b |
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| 1 | | AN ACT concerning education.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Prepaid Tuition Act is amended by |
| 5 | | changing Section 55 as follows:
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| 6 | | (110 ILCS 979/55)
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| 7 | | Sec. 55. Tax exemption. The
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 of |
| 10 | | its subdivisions. The accrued earnings of
Illinois prepaid |
| 11 | | tuition contracts once disbursed on behalf of an eligible
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| 12 | | beneficiary shall be similarly exempt from all taxation by the |
| 13 | | State of
Illinois and any of its subdivisions, so long as they |
| 14 | | are used for educational
purposes in accordance with the |
| 15 | | provisions of an Illinois prepaid tuition
contract. The |
| 16 | | provisions of this Section are exempt from the provisions of
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| 17 | | Section 250 of the Illinois Income Tax Act. |
| 18 | | (Source: P.A. 90-546, eff. 12-1-97; 91-867, eff. 6-22-00.)
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