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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB0857
Introduced 2/8/2007, by Sen. Edward D. Maloney - Emil Jones, Jr. SYNOPSIS AS INTRODUCED:
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Amends the Illinois Prepaid Tuition Act. Makes a technical change in a Section
concerning exemption from taxation.
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A BILL FOR
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SB0857 |
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LRB095 05591 NHT 25681 b |
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| AN ACT concerning education.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Illinois Prepaid Tuition Act is amended by |
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| changing Section 55 as follows:
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| (110 ILCS 979/55)
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| Sec. 55. Tax exemption.
The assets of the
the Illinois |
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| Prepaid Tuition Trust
Fund and its income and operation shall |
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| be exempt from all taxation by the
State of Illinois and any of |
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| its subdivisions. The accrued earnings of
Illinois prepaid |
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| tuition contracts once disbursed on behalf of an eligible
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| beneficiary shall be similarly exempt from all taxation by the |
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| State of
Illinois and any of its subdivisions, so long as they |
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| are used for educational
purposes in accordance with the |
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| provisions of an Illinois prepaid tuition
contract. The |
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| provisions of this Section are exempt from the provisions of
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| Section 250 of the Illinois Income Tax Act. |
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| (Source: P.A. 90-546, eff. 12-1-97; 91-867, eff. 6-22-00.)
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