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:
 
110 ILCS 979/55

    Amends the Illinois Prepaid Tuition Act. Makes a technical change in a Section concerning exemption from taxation.


LRB095 05591 NHT 25681 b

 

 

A BILL FOR

 

SB0857 LRB095 05591 NHT 25681 b

1     AN ACT concerning education.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Prepaid Tuition Act is amended by
5 changing Section 55 as follows:
 
6     (110 ILCS 979/55)
7     Sec. 55. Tax exemption. The assets of the 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
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
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.)