Bill Status of SB 507   94th General Assembly

Short Description:  INC TX-TUITION SAVINGS

Senate Sponsors
Sen. James F. Clayborne, Jr.-Dave Sullivan

House Sponsors
(Rep. Jack D. Franks-Barbara Flynn Currie-Robert S. Molaro-Brent Hassert-Linda Chapa LaVia)


Last Action  View All Actions

DateChamber Action
  1/9/2007SenateSession Sine Die

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

Synopsis As Introduced
Amends the Illinois Income Tax Act. Ends, with taxable years ending on or before December 31, 2004, the addition modification requirement for individuals for distributions from non-Illinois qualified tuition programs under provisions of the Internal Revenue Code. Allows a deduction for individuals, for taxable years beginning on or after January 1, 2005 of up to $10,000 for contributions to all qualified tuition programs under the Internal Revenue Code (now, the deduction is allowed only for contributions to a College Savings Pool Account or to the Illinois Prepaid Tuition Trust Fund). Effective immediately.

Senate Committee Amendment No. 1
Deletes reference to:
35 ILCS 5/203
Adds reference to:
35 ILCS 5/101from Ch. 120, par. 1-101

Deletes everything after the enacting clause. Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the short title of the Act.

Senate Floor Amendment No. 3
Deletes reference to:
35 ILCS 5/101
Adds reference to:
15 ILCS 505/16.5
35 ILCS 5/203from Ch. 120, par. 2-203

Deletes everything after the enacting clause. Amends the State Treasurer Act. Removes the requirement that the State Treasurer adjust each account at least annually to ensure compliance with the requirements of the College Savings Pool. Provides that the Treasurer shall limit the contributions that may be made on behalf of a designated College Savings Pool beneficiary based on the limitations established by the Internal Revenue Service (now, based on an actuarial estimate of what is required to pay tuition, fees, and room and board for 5 undergraduate years at the highest cost eligible educational institution). Amends the Illinois Income Tax Act. Provides that for taxable years beginning on or after January 1, 2006, distributions from certain qualified tuition programs under the Internal Revenue Code that are administered by other states are exempt from the requirement that a distribution from an Internal Revenue Code qualified tuition program be included when determining adjusted gross income for purposes of determining base income. Requires taxpayers to add to their base income an amount equal to the amount previously deducted for deposits into a qualified tuition program if the moneys are transferred from a qualified tuition program that is administered by the State to an out-of-state program. Makes other changes. Effective immediately.

Actions 
DateChamber Action
  2/17/2005SenateFiled with Secretary by Sen. James F. Clayborne, Jr.
  2/17/2005SenateFirst Reading
  2/17/2005SenateReferred to Rules
  2/23/2005SenateAssigned to Higher Education
  2/23/2005SenateAdded as Co-Sponsor Sen. Edward D. Maloney
  3/3/2005SenatePostponed - Higher Education
  3/7/2005SenateSponsor Removed Sen. Edward D. Maloney
  3/10/2005SenatePostponed - Higher Education
  3/16/2005SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. James F. Clayborne, Jr.
  3/16/2005SenateSenate Committee Amendment No. 1 Referred to Rules
  3/16/2005SenateSenate Committee Amendment No. 1 Rules Refers to Higher Education
  3/16/2005SenateSenate Committee Amendment No. 1 Adopted
  3/17/2005SenateDo Pass as Amended Higher Education; 010-000-000
  3/17/2005SenatePlaced on Calendar Order of 2nd Reading April 6, 2005
  4/11/2005SenateAdded as Chief Co-Sponsor Sen. Dave Sullivan
  4/11/2005SenateSecond Reading
  4/11/2005SenatePlaced on Calendar Order of 3rd Reading April 12, 2005
  4/13/2005SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. James F. Clayborne, Jr.
  4/13/2005SenateSenate Floor Amendment No. 2 Referred to Rules
  4/15/2005SenateRule 2-10 Third Reading Deadline Extended to May 31, 2005
  4/19/2005SenateSenate Floor Amendment No. 2 Rules Refers to Higher Education
  4/21/2005SenateSenate Floor Amendment No. 2 Be Adopted Higher Education; 006-000-000
  5/27/2005SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. James F. Clayborne, Jr.
  5/27/2005SenateSenate Floor Amendment No. 3 Referred to Rules
  5/28/2005SenateSenate Floor Amendment No. 3 Rules Refers to Higher Education
  5/28/2005SenateSenate Floor Amendment No. 3 Recommend Do Adopt Higher Education; 009-000-000
  5/28/2005SenateRecalled to Second Reading
  5/28/2005SenateSenate Floor Amendment No. 2 Motion to Table Amendment - Prevailed Clayborne
  5/28/2005SenateSenate Floor Amendment No. 2 Tabled
  5/28/2005SenateSenate Floor Amendment No. 3 Adopted; Clayborne
  5/28/2005SenatePlaced on Calendar Order of 3rd Reading
  5/28/2005SenateThird Reading - Passed; 046-002-000
  5/29/2005HouseArrived in House
  5/29/2005HousePlaced on Calendar Order of First Reading
  5/29/2005HouseChief House Sponsor Rep. Barbara Flynn Currie
  5/29/2005HouseFirst Reading
  5/29/2005HouseReferred to Rules Committee
  1/19/2006HouseAlternate Chief Sponsor Changed to Rep. Jack D. Franks
  1/19/2006HouseAdded Alternate Chief Co-Sponsor Rep. Barbara Flynn Currie
  1/19/2006HouseAdded Alternate Chief Co-Sponsor Rep. Robert S. Molaro
  1/23/2006HouseAdded Alternate Chief Co-Sponsor Rep. Brent Hassert
  2/24/2006HouseAdded Alternate Chief Co-Sponsor Rep. Linda Chapa LaVia
  1/9/2007SenateSession Sine Die

Back To Top