Bill Status of SB 1653   94th General Assembly

Short Description:  TREASURER ACT-COLLEGE SAVINGS

Senate Sponsors
Sen. Dave Sullivan

Last Action  View All Actions

DateChamber Action
  1/9/2007SenateSession Sine Die

Statutes Amended In Order of Appearance
15 ILCS 505/16.5
35 ILCS 5/203from Ch. 120, par. 2-203

Synopsis As Introduced
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. Makes other changes. Effective immediately.

Senate Committee Amendment No. 1
Deletes reference to:
35 ILCS 5/203

Deletes everything after the enacting clause. Amends the State Treasurer Act. Makes a technical change in a Section concerning a college savings pool.

Actions 
DateChamber Action
  2/24/2005SenateFiled with Secretary by Sen. Dave Sullivan
  2/24/2005SenateFirst Reading
  2/24/2005SenateReferred to Rules
  3/2/2005SenateAssigned to Higher Education
  3/10/2005SenatePostponed - Higher Education
  3/15/2005SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Dave Sullivan
  3/15/2005SenateSenate 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; 008-000-000
  3/17/2005SenatePlaced on Calendar Order of 2nd Reading April 6, 2005
  5/10/2005SenateMotion Filed Sen. Louis S. Viverito; , Cullerton, Hendon, Petka and Roskam, Motion to Re-refer, pursuant to Senate Rule 3-7. Re-referred to the Senate Rules Committee.
  5/10/2005SenateMotion Prevailed
  5/10/2005SenateRe-referred to Rules
  1/9/2007SenateSession Sine Die

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