SB0857 95TH GENERAL ASSEMBLY

LRB095 05591 NHT 25681 b

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.

A BILL FOR

AN ACT concerning education.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Prepaid Tuition Act is amended by changing Section 55 as follows:

(110 ILCS 979/55)

Sec. 55. Tax exemption. The assets of the the Illinois Prepaid Tuition Trust Fund and its income and operation shall be exempt from all taxation by the State of Illinois and any of its subdivisions. The accrued earnings of Illinois prepaid tuition contracts once disbursed on behalf of an eligible beneficiary shall be similarly exempt from all taxation by the State of Illinois and any of its subdivisions, so long as they are used for educational purposes in accordance with the provisions of an Illinois prepaid tuition contract. The provisions of this Section are exempt from the provisions of Section 250 of the Illinois Income Tax Act.

(Source: P.A. 90-546, eff. 12-1-97; 91-867, eff. 6-22-00.)