Illinois General Assembly - Bill Status for SB0519

Illinois General Assembly - Bill Status for SB0519

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Bill Status of SB0519 95th General Assembly

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Short Description: INC TAX- COLLEGE SAVINGS PLAN

Senate Sponsors
Sen. James F. Clayborne, Jr. - Terry Link - Kimberly A. Lightford - Jeffrey M. Schoenberg - James T. Meeks, Larry K. Bomke, Carole Pankau, Matt Murphy, Gary G. Dahl, J. Bradley Burzynski, Pamela J. Althoff, Ira I. Silverstein, Donne E. Trotter and John O. Jones

House Sponsors
(Rep. David E. Miller)

Last Action

Date	Chamber	Action
1/13/2009	Senate	Session Sine Die

Statutes Amended In Order of Appearance

15 ILCS 505/16.5

from 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, 2007, 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.

Senate Committee Amendment No. 1

	Deletes reference to:
	15 ILCS 505/16.5

	Adds reference to:
	35 ILCS 5/218 new

110 ILCS 947/20

Deletes everything after the enacting clause. Amends the Higher Education Student Assistance Act and the Illinois Income tax Act. Authorizes the Illinois Student Assistance Commission to establish systems and programs to encourage employers to match employee contributions to prepaid programs of college savings by making donations to the Commission for prepaid programs of college savings and its programs of grants and loans to make higher education affordable for all residents of the State and to receive, hold, and disburse all such funds made available through those programs for the purposes for which they are authorized by rule or by law. Creates an income tax credit for employers who, during the taxable year, makes a matching donation to the Illinois Student Assistance Commission on behalf of an employee. Provides that the credit is 25% of the matching donation, but not to exceed $500 per employee. Provides that the credit may be carried forward for 3 taxable years. Effective immediately.

Actions

Date	Chamber	Action
2/8/2007	Senate	Filed with Secretary by Sen. James F. Clayborne, Jr.
2/8/2007	Senate	First Reading
2/8/2007	Senate	Referred to Rules
2/21/2007	Senate	Assigned to Revenue
3/2/2007	Senate	Postponed - Revenue
3/2/2007	Senate	Added as Chief Co-Sponsor Sen. Terry Link
3/14/2007	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. James F. Clayborne, Jr.
3/14/2007	Senate	Senate Committee Amendment No. 1 Referred to Rules
3/14/2007	Senate	Senate Committee Amendment No. 1 Rules Refers to Revenue
3/14/2007	Senate	Senate Committee Amendment No. 1 Adopted
3/15/2007	Senate	Do Pass as Amended Revenue; 009-000-000
3/15/2007	Senate	Placed on Calendar Order of 2nd Reading March 20, 2007
3/15/2007	Senate	Added as Chief Co-Sponsor Sen. Kimberly A. Lightford
3/20/2007	Senate	Second Reading
3/20/2007	Senate	Placed on Calendar Order of 3rd Reading March 21, 2007
3/29/2007	Senate	Added as Chief Co-Sponsor Sen. Jeffrey M. Schoenberg
3/29/2007	Senate	Added as Co-Sponsor Sen. Larry K. Bomke
3/29/2007	Senate	Added as Co-Sponsor Sen. Carole Pankau
3/29/2007	Senate	Added as Co-Sponsor Sen. Matt Murphy
3/29/2007	Senate	Added as Co-Sponsor Sen. Gary G. Dahl
3/29/2007	Senate	Added as Chief Co-Sponsor Sen. James T. Meeks
3/29/2007	Senate	Added as Co-Sponsor Sen. J. Bradley Burzynski
3/29/2007	Senate	Added as Co-Sponsor Sen. Pamela J. Althoff
3/29/2007	Senate	Added as Co-Sponsor Sen. Ira I. Silverstein
3/29/2007	Senate	Added as Co-Sponsor Sen. Donne E. Trotter
3/29/2007	Senate	Added as Co-Sponsor Sen. John O. Jones
3/29/2007	Senate	Third Reading - Passed; 057-000-000
3/30/2007	House	Arrived in House
3/30/2007	House	Placed on Calendar Order of First Reading
3/30/2007	House	Chief House Sponsor Rep. David E. Miller
4/9/2007	House	First Reading
4/9/2007	House	Referred to Rules Committee
4/30/2007	House	Assigned to Executive Committee
5/18/2007	House	Committee Deadline Extended-Rule 9(b) May 25, 2007
5/25/2007	House	Final Action Deadline Extended-9(b) May 31, 2007
5/31/2007	House	Rule 19(a) / Re-referred to Rules Committee
6/7/2007	House	Final Action Deadline Extended-9(b) June 15, 2007
6/7/2007	House	Assigned to Revenue Committee
6/15/2007	House	Final Action Deadline Extended-9(b) June 22, 2007
6/22/2007	House	Rule 19(a) / Re-referred to Rules Committee
12/4/2007	House	Final Action Deadline Extended-9(b) January 10, 2008
12/4/2007	House	Assigned to Gaming Committee
1/10/2008	House	Rule 19(a) / Re-referred to Rules Committee
1/13/2009	Senate	Session Sine Die