House Sponsors: BURKE-MULLIGAN-SCHOENBERG-GILES. Senate Sponsors: WATSON Short description: ST TREAS-COLLEGE SAVINGS Synopsis of Bill as introduced: Amends the State Treasurer Act and the Illinois Income Tax Act. Exempts College Savings Pool moneys from a participant's or designated beneficiary's creditors and from consideration of a beneficiary's eligibility for scholarships awarded by the State. For Illinois income tax purposes, redefines an individual's adjusted gross income to (i) include earnings on college savings and tuition programs other than the College Savings Pool and the Illinois Prepaid Tuition Program and (ii) remove rollover contributions from the exemption for College Savings Pool contributions. Effective immediately. FISCAL NOTE (State Treasurer) HB 4187 will save the State significant lost revenues. Under current law, due to changes in Federal tax laws, the State could lose approximately $3 million in exempted interest earnings on investments in out-of-state college savings programs, also a possible loss of $6 million in deductions for investments in college savings transferred from out-of-state programs. This bill will prevent that loss. HOUSE AMENDMENT NO. 1. In the State Treasurer Act, removes the exemption of College Savings Pool moneys from a participant's or beneficiary's creditors. In the Illinois Income Tax Act, provides that an individual's adjusted gross income must be increased by the amount excluded from his or her federal gross income for distributions from tuition programs other than the College Savings Pool or the Illinois Prepaid Tuition Trust Fund. Provides that the deduction from an individual's adjusted gross income for contributions to a College Savings Pool account does not apply to amounts excluded from his or her federal gross income. Last action on Bill: PUBLIC ACT.............................. 92-0626 Last action date: JUL-11-2002 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status