Bill Text: IL HB4376 | 2017-2018 | 100th General Assembly | Introduced


Bill Title: Amends the State Treasurer Act. In a Section concerning a college savings pool, provides that moneys may be used for qualified expenses allowed pursuant to Section 529 of the Internal Revenue Code. Provides that, before January 1, 2026, the Treasurer shall allow a rollover of funds contained in a College Savings Pool account into an eligible ABLE account. Effective immediately.

Spectrum: Partisan Bill (Republican 7-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB4376 Detail]

Download: Illinois-2017-HB4376-Introduced.html


100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB4376

Introduced , by Rep. Peter Breen

SYNOPSIS AS INTRODUCED:
15 ILCS 505/16.5
15 ILCS 505/16.6

Amends the State Treasurer Act. In a Section concerning a college savings pool, provides that moneys may be used for qualified expenses allowed pursuant to Section 529 of the Internal Revenue Code. Provides that, before January 1, 2026, the Treasurer shall allow a rollover of funds contained in a College Savings Pool account into an eligible ABLE account. Effective immediately.
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A BILL FOR

HB4376LRB100 17362 HLH 32527 b
1 AN ACT concerning State government.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The State Treasurer Act is amended by changing
5Sections 16.5 and 16.6 as follows:
6 (15 ILCS 505/16.5)
7 Sec. 16.5. College Savings Pool. The State Treasurer may
8establish and administer a College Savings Pool to supplement
9and enhance the investment opportunities otherwise available
10to persons seeking to finance the costs of higher education.
11The State Treasurer, in administering the College Savings Pool,
12may receive moneys paid into the pool by a participant and may
13serve as the fiscal agent of that participant for the purpose
14of holding and investing those moneys.
15 "Participant", as used in this Section, means any person
16who has authority to withdraw funds, change the designated
17beneficiary, or otherwise exercise control over an account.
18"Donor", as used in this Section, means any person who makes
19investments in the pool. "Designated beneficiary", as used in
20this Section, means any person on whose behalf an account is
21established in the College Savings Pool by a participant. Both
22in-state and out-of-state persons may be participants, donors,
23and designated beneficiaries in the College Savings Pool. The

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1College Savings Pool must be available to any individual with a
2valid social security number or taxpayer identification number
3for the benefit of any individual with a valid social security
4number or taxpayer identification number, unless a contract in
5effect on August 1, 2011 (the effective date of Public Act
697-233) does not allow for taxpayer identification numbers, in
7which case taxpayer identification numbers must be allowed upon
8the expiration of the contract.
9 New accounts in the College Savings Pool may be processed
10through participating financial institutions. "Participating
11financial institution", as used in this Section, means any
12financial institution insured by the Federal Deposit Insurance
13Corporation and lawfully doing business in the State of
14Illinois and any credit union approved by the State Treasurer
15and lawfully doing business in the State of Illinois that
16agrees to process new accounts in the College Savings Pool.
17Participating financial institutions may charge a processing
18fee to participants to open an account in the pool that shall
19not exceed $30 until the year 2001. Beginning in 2001 and every
20year thereafter, the maximum fee limit shall be adjusted by the
21Treasurer based on the Consumer Price Index for the North
22Central Region as published by the United States Department of
23Labor, Bureau of Labor Statistics for the immediately preceding
24calendar year. Every contribution received by a financial
25institution for investment in the College Savings Pool shall be
26transferred from the financial institution to a location

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1selected by the State Treasurer within one business day
2following the day that the funds must be made available in
3accordance with federal law. All communications from the State
4Treasurer to participants and donors shall reference the
5participating financial institution at which the account was
6processed.
7 The Treasurer may invest the moneys in the College Savings
8Pool in the same manner and in the same types of investments
9provided for the investment of moneys by the Illinois State
10Board of Investment. To enhance the safety and liquidity of the
11College Savings Pool, to ensure the diversification of the
12investment portfolio of the pool, and in an effort to keep
13investment dollars in the State of Illinois, the State
14Treasurer may make a percentage of each account available for
15investment in participating financial institutions doing
16business in the State. The State Treasurer may deposit with the
17participating financial institution at which the account was
18processed the following percentage of each account at a
19prevailing rate offered by the institution, provided that the
20deposit is federally insured or fully collateralized and the
21institution accepts the deposit: 10% of the total amount of
22each account for which the current age of the beneficiary is
23less than 7 years of age, 20% of the total amount of each
24account for which the beneficiary is at least 7 years of age
25and less than 12 years of age, and 50% of the total amount of
26each account for which the current age of the beneficiary is at

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1least 12 years of age. The Treasurer shall develop, publish,
2and implement an investment policy covering the investment of
3the moneys in the College Savings Pool. The policy shall be
4published each year as part of the audit of the College Savings
5Pool by the Auditor General, which shall be distributed to all
6participants. The Treasurer shall notify all participants in
7writing, and the Treasurer shall publish in a newspaper of
8general circulation in both Chicago and Springfield, any
9changes to the previously published investment policy at least
1030 calendar days before implementing the policy. Any investment
11policy adopted by the Treasurer shall be reviewed and updated
12if necessary within 90 days following the date that the State
13Treasurer takes office.
14 Participants shall be required to use moneys distributed
15from the College Savings Pool for qualified expenses at
16eligible educational institutions or as otherwise allowed
17pursuant to Section 529 of the Internal Revenue Code.
18"Qualified expenses", as used in this Section, means the
19following: (i) tuition, fees, and the costs of books, supplies,
20and equipment required for enrollment or attendance at an
21eligible educational institution; (ii) expenses for special
22needs services, in the case of a special needs beneficiary,
23which are incurred in connection with such enrollment or
24attendance; (iii) certain expenses for the purchase of computer
25or peripheral equipment, as defined in Section 168 of the
26federal Internal Revenue Code (26 U.S.C. 168), computer

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1software, as defined in Section 197 of the federal Internal
2Revenue Code (26 U.S.C. 197), or Internet internet access and
3related services, if such equipment, software, or services are
4to be used primarily by the beneficiary during any of the years
5the beneficiary is enrolled at an eligible educational
6institution, except that, such expenses shall not include
7expenses for computer software designed for sports, games, or
8hobbies, unless the software is predominantly educational in
9nature; and (iv) certain room and board expenses incurred while
10attending an eligible educational institution at least
11half-time; and (v) any qualified higher education expense, as
12that term is used in subsection (c) of Section 529 of the
13federal Internal Revenue Code. "Eligible educational
14institutions", as used in this Section, means public and
15private colleges, junior colleges, graduate schools, and
16certain vocational institutions that are described in Section
17481 of the Higher Education Act of 1965 (20 U.S.C. 1088) and
18that are eligible to participate in Department of Education
19student aid programs. A student shall be considered to be
20enrolled at least half-time if the student is enrolled for at
21least half the full-time academic work load for the course of
22study the student is pursuing as determined under the standards
23of the institution at which the student is enrolled.
24Distributions made from the pool for qualified expenses shall
25be made directly to the eligible educational institution,
26directly to a vendor, in the form of a check payable to both

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1the beneficiary and the institution or vendor, or directly to
2the designated beneficiary in a manner that is permissible
3under Section 529 of the Internal Revenue Code. Any moneys that
4are distributed in any other manner or that are used for
5expenses other than qualified expenses at an eligible
6educational institution, or as otherwise allowed pursuant to
7Section 529 of the federal Internal Revenue Code, shall be
8subject to a penalty of 10% of the earnings unless the
9beneficiary dies, becomes a person with a disability, or
10receives a scholarship that equals or exceeds the distribution.
11Penalties shall be withheld at the time the distribution is
12made.
13 The Treasurer shall allow a participant or designated
14beneficiary, before January 1, 2026, to rollover the funds
15contained in a College Savings Pool account into an eligible
16ABLE account, as defined under Section 16.6 of this Act, in
17accordance with Section 529(c)(3)(C) of the Internal Revenue
18Code.
19 The Treasurer shall limit the contributions that may be
20made on behalf of a designated beneficiary based on the
21limitations established by the Internal Revenue Service. The
22contributions made on behalf of a beneficiary who is also a
23beneficiary under the Illinois Prepaid Tuition Program shall be
24further restricted to ensure that the contributions in both
25programs combined do not exceed the limit established for the
26College Savings Pool. The Treasurer shall provide the Illinois

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1Student Assistance Commission each year at a time designated by
2the Commission, an electronic report of all participant
3accounts in the Treasurer's College Savings Pool, listing total
4contributions and disbursements from each individual account
5during the previous calendar year. As soon thereafter as is
6possible following receipt of the Treasurer's report, the
7Illinois Student Assistance Commission shall, in turn, provide
8the Treasurer with an electronic report listing those College
9Savings Pool participants who also participate in the State's
10prepaid tuition program, administered by the Commission. The
11Commission shall be responsible for filing any combined tax
12reports regarding State qualified savings programs required by
13the United States Internal Revenue Service. The Treasurer shall
14work with the Illinois Student Assistance Commission to
15coordinate the marketing of the College Savings Pool and the
16Illinois Prepaid Tuition Program when considered beneficial by
17the Treasurer and the Director of the Illinois Student
18Assistance Commission. The Treasurer's office shall not
19publicize or otherwise market the College Savings Pool or
20accept any moneys into the College Savings Pool prior to March
211, 2000. The Treasurer shall provide a separate accounting for
22each designated beneficiary to each participant, the Illinois
23Student Assistance Commission, and the participating financial
24institution at which the account was processed. No interest in
25the program may be pledged as security for a loan. Moneys held
26in an account invested in the Illinois College Savings Pool

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1shall be exempt from all claims of the creditors of the
2participant, donor, or designated beneficiary of that account,
3except for the non-exempt College Savings Pool transfers to or
4from the account as defined under subsection (j) of Section
512-1001 of the Code of Civil Procedure (735 ILCS 5/12-1001(j)).
6 The assets of the College Savings Pool and its income and
7operation shall be exempt from all taxation by the State of
8Illinois and any of its subdivisions. The accrued earnings on
9investments in the Pool once disbursed on behalf of a
10designated beneficiary shall be similarly exempt from all
11taxation by the State of Illinois and its subdivisions, so long
12as they are used for qualified expenses. Contributions to a
13College Savings Pool account during the taxable year may be
14deducted from adjusted gross income as provided in Section 203
15of the Illinois Income Tax Act. The provisions of this
16paragraph are exempt from Section 250 of the Illinois Income
17Tax Act.
18 The Treasurer shall adopt rules he or she considers
19necessary for the efficient administration of the College
20Savings Pool. The rules shall provide whatever additional
21parameters and restrictions are necessary to ensure that the
22College Savings Pool meets all of the requirements for a
23qualified state tuition program under Section 529 of the
24Internal Revenue Code (26 U.S.C. 529). The rules shall provide
25for the administration expenses of the pool to be paid from its
26earnings and for the investment earnings in excess of the

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1expenses and all moneys collected as penalties to be credited
2or paid monthly to the several participants in the pool in a
3manner which equitably reflects the differing amounts of their
4respective investments in the pool and the differing periods of
5time for which those amounts were in the custody of the pool.
6Also, the rules shall require the maintenance of records that
7enable the Treasurer's office to produce a report for each
8account in the pool at least annually that documents the
9account balance and investment earnings. Notice of any proposed
10amendments to the rules and regulations shall be provided to
11all participants prior to adoption. Amendments to rules and
12regulations shall apply only to contributions made after the
13adoption of the amendment.
14 Upon creating the College Savings Pool, the State Treasurer
15shall give bond with 2 or more sufficient sureties, payable to
16and for the benefit of the participants in the College Savings
17Pool, in the penal sum of $1,000,000, conditioned upon the
18faithful discharge of his or her duties in relation to the
19College Savings Pool.
20(Source: P.A. 91-607, eff. 1-1-00; 91-829, eff. 1-1-01; 91-943,
21eff. 2-9-01; 92-16, eff. 6-28-01; 92-439, eff. 8-17-01; 92-626,
22eff 7-11-02; 93-812, eff. 1-1-05; 95-23, eff. 8-3-07; 95-306,
23eff. 1-1-08; 95-521, eff. 8-28-07; 95-876, eff. 8-21-08;
2497-233, eff. 8-1-11; 97-537, eff. 8-23-11; 97-813, eff.
257-13-12; 99-143, eff. 7-27-15; 100-161, eff. 8-18-17; revised
2610-2-17.)

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1 (15 ILCS 505/16.6)
2 Sec. 16.6. ABLE account program.
3 (a) As used in this Section:
4 "ABLE account" or "account" means an account established
5for the purpose of financing certain qualified expenses of
6eligible individuals as specifically provided for in this
7Section and authorized by Section 529A of the Internal Revenue
8Code.
9 "ABLE account plan" or "plan" means the savings account
10plan provided for in this Section.
11 "Account administrator" means the person selected by the
12State Treasurer to administer the daily operations of the ABLE
13account plan and provide marketing, recordkeeping, investment
14management, and other services for the plan.
15 "Aggregate account balance" means the amount in an account
16on a particular date or the fair market value of an account on
17a particular date.
18 "Beneficiary" means the ABLE account owner.
19 "Board" means the Illinois State Board of Investment.
20 "Contracting state" means a state without a qualified ABLE
21program which has entered into a contract with Illinois to
22provide residents of the contracting state access to a
23qualified ABLE program.
24 "Designated representative" means a person who is
25authorized to act on behalf of an account owner. An account

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1owner is authorized to act on his or her own behalf unless the
2account owner is a minor or the account owner has been
3adjudicated to have a disability so that a guardian has been
4appointed. A designated representative acts in a fiduciary
5capacity to the account owner. The State Treasurer shall
6recognize a person as a designated representative without
7appointment by a court in the following order of priority:
8 (1) The account owner's plenary guardian of the estate,
9 or the account owner's limited guardian of financial or
10 contractual matters. Any guardian acting in this capacity
11 shall not be required to seek court approval for any ABLE
12 qualified distributions.
13 (2) The agent named by the account owner in a property
14 power of attorney recognized as a statutory short form
15 power of attorney for property.
16 (3) Such individual or entity that the account owner so
17 designates in writing, in a manner to be established by the
18 State Treasurer.
19 (4) Such other individual or entity designated by the
20 State Treasurer pursuant to its rules.
21 "Disability certification" has the meaning given to that
22term under Section 529A of the Internal Revenue Code.
23 "Eligible individual" has the meaning given to that term
24under Section 529A of the Internal Revenue Code.
25 "Participation agreement" means an agreement to
26participate in the ABLE account plan between an account owner

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1and the State, through its agencies and the State Treasurer.
2 "Qualified disability expenses" has the meaning given to
3that term under Section 529A of the Internal Revenue Code.
4 "Qualified withdrawal" or "qualified distribution" means a
5withdrawal from an ABLE account to pay the qualified disability
6expenses of the beneficiary of the account.
7 (b) The "Achieving a Better Life Experience" or "ABLE"
8account program is hereby created and shall be administered by
9the State Treasurer. The purpose of the ABLE plan is to
10encourage and assist individuals and families in saving private
11funds for the purpose of supporting individuals with
12disabilities to maintain health, independence, and quality of
13life, and to provide secure funding for disability-related
14expenses on behalf of designated beneficiaries with
15disabilities that will supplement, but not supplant, benefits
16provided through private insurance, federal and State medical
17and disability insurance, the beneficiary's employment, and
18other sources. Under the plan, a person may make contributions
19to an ABLE account to meet the qualified disability expenses of
20the designated beneficiary of the account. The plan must be
21operated as an accounts-type plan that permits persons to save
22for qualified disability expenses incurred by or on behalf of
23an eligible individual.
24 The State Treasurer shall promote awareness of the
25availability and advantages of the ABLE account plan as a way
26to assist individuals and families in saving private funds for

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1the purpose of supporting individuals with disabilities. The
2cost of these promotional efforts shall not be funded with fees
3imposed on participants by the State Treasurer.
4 The State Treasurer shall not accept contributions for ABLE
5accounts under this Section until the Internal Revenue Service
6has issued its final regulations or interim guidance concerning
7ABLE accounts.
8 A separate account must be maintained for each beneficiary
9for whom contributions are made, and no more than one account
10shall be established per beneficiary. If an ABLE account is
11established for a designated beneficiary, no account
12subsequently established for such beneficiary shall be treated
13as an ABLE account. The preceding sentence shall not apply in
14the case of an ABLE account established for purposes of a
15rollover as permitted under Section 529A of the Internal
16Revenue Code.
17 An ABLE account may be established under this Section for a
18designated beneficiary who is a resident of Illinois, a
19resident of a contracting state, or a resident of any other
20state.
21 Prior to the establishment of an ABLE account, an account
22owner must provide documentation to the State Treasurer that
23the account beneficiary is an eligible individual.
24 Annual contributions to an ABLE account on behalf of a
25beneficiary are subject to the requirements of subsection (b)
26of Section 529A of the Internal Revenue Code. No person may

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1make a contribution to an ABLE account if such a contribution
2would result in the aggregate account balance of an ABLE
3account exceeding the account balance limit authorized under
4Section 529A of the Internal Revenue Code. The Treasurer shall
5review the contribution limit at least annually.
6 The State Treasurer shall administer the plan, including
7accepting and processing applications, maintaining account
8records, making payments, and undertaking any other necessary
9tasks to administer the plan, including the appointment of an
10account administrator. The State Treasurer may contract with
11one or more third parties to carry out some or all of these
12administrative duties, including, but not limited to,
13providing investment management services, incentives, and
14marketing the plan.
15 In designing and establishing the plan's requirements and
16in negotiating or entering into contracts with third parties
17under this Section, the State Treasurer shall consult with the
18Board. The State Treasurer shall establish fees to be imposed
19on participants to recover the costs of administration,
20recordkeeping, and investment management. The State Treasurer
21must use his or her best efforts to keep these fees as low as
22possible, consistent with efficient administration.
23 Prior to January 1, 2026, the State Treasurer shall allow a
24rollover of an eligible existing College Savings Pool account
25under Section 16.5 into an eligible ABLE account in accordance
26with Section 529(c)(3)(C) of the Internal Revenue Code.

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1 The Illinois ABLE Accounts Administrative Fund is created
2as a nonappropriated trust fund in the State treasury. The
3State Treasurer shall use moneys in the Administrative Fund to
4pay for administrative expenses he or she incurs in the
5performance of his or her duties under this Section. The State
6Treasurer shall use moneys in the Administrative Fund to cover
7administrative expenses incurred under this Section. The
8Administrative Fund may receive any grants or other moneys
9designated for administrative purposes from the State, or any
10unit of federal, state, or local government, or any other
11person, firm, partnership, or corporation. Any interest
12earnings that are attributable to moneys in the Administrative
13Fund must be deposited into the Administrative Fund. Any fees
14established by the State Treasurer to recover the costs of
15administration, recordkeeping, and investment management shall
16be deposited into the Administrative Fund.
17 Subject to appropriation, the State Treasurer may pay
18administrative costs associated with the creation and
19management of the plan until sufficient assets are available in
20the Administrative Fund for that purpose.
21 Applications for accounts, account owner data, account
22data, and data on beneficiaries of accounts are confidential
23and exempt from disclosure under the Freedom of Information
24Act.
25 (c) The State Treasurer may invest the moneys in ABLE
26accounts in the same manner and in the same types of

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1investments provided for the investment of moneys by the Board.
2To enhance the safety and liquidity of ABLE accounts, to ensure
3the diversification of the investment portfolio of accounts,
4and in an effort to keep investment dollars in the State, the
5State Treasurer may make a percentage of each account available
6for investment in participating financial institutions doing
7business in the State, except that the accounts may be invested
8without limit in investment options from open-ended investment
9companies registered under Section 80a of the federal
10Investment Company Act of 1940. The State Treasurer may
11contract with one or more third parties for investment
12management, recordkeeping, or other services in connection
13with investing the accounts.
14 The account administrator shall annually prepare and adopt
15a written statement of investment policy that includes a risk
16management and oversight program. The risk management and
17oversight program shall be designed to ensure that an effective
18risk management system is in place to monitor the risk levels
19of the ABLE plan, to ensure that the risks taken are prudent
20and properly managed, to provide an integrated process for
21overall risk management, and to assess investment returns as
22well as risk to determine if the risks taken are adequately
23compensated compared to applicable performance benchmarks and
24standards.
25 The State Treasurer may enter into agreements with other
26states to either allow Illinois residents to participate in a

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1plan operated by another state or to allow residents of other
2states to participate in the Illinois ABLE plan.
3 (d) The State Treasurer shall ensure that the plan meets
4the requirements for an ABLE account under Section 529A of the
5Internal Revenue Code. The State Treasurer may request a
6private letter ruling or rulings from the Internal Revenue
7Service and must take any necessary steps to ensure that the
8plan qualifies under relevant provisions of federal law.
9Notwithstanding the foregoing, any determination by the
10Secretary of the Treasury of the United States that an account
11was utilized to make non-qualified distributions shall not
12result in an ABLE account being disregarded as a resource.
13 A person may make contributions to an ABLE account on
14behalf of a beneficiary. Contributions to an account made by
15persons other than the account owner become the property of the
16account owner. Contributions to an account shall be considered
17as a transfer of assets for fair market value. A person does
18not acquire an interest in an ABLE account by making
19contributions to an account. A contribution to any account for
20a beneficiary must be rejected if the contribution would cause
21either the aggregate or annual account balance of the account
22to exceed the limits imposed by Section 529A of the Internal
23Revenue Code.
24 Any change in account owner must be done in a manner
25consistent with Section 529A of the Internal Revenue Code.
26 Notice of any proposed amendments to the rules and

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1regulations shall be provided to all owners or their designated
2representatives prior to adoption. Amendments to rules and
3regulations shall apply only to contributions made after the
4adoption of the amendment. Amendments to this Section
5automatically amend the participation agreement. Any
6amendments to the operating procedures and policies of the plan
7shall automatically amend the participation agreement after
8adoption by the State Treasurer.
9 All assets of the plan, including any contributions to
10accounts, are held in trust for the exclusive benefit of the
11account owner and shall be considered spendthrift accounts
12exempt from all of the owner's creditors. The plan shall
13provide separate accounting for each designated beneficiary
14sufficient to satisfy the requirements of paragraph (3) of
15subsection (b) of Section 529A of the Internal Revenue Code.
16Assets must be held in either a state trust fund outside the
17State treasury, to be known as the Illinois ABLE plan trust
18fund, or in accounts with a third-party provider selected
19pursuant to this Section. Amounts contributed to ABLE accounts
20shall not be commingled with State funds and the State shall
21have no claim to or against, or interest in, such funds.
22 Plan assets are not subject to claims by creditors of the
23State and are not subject to appropriation by the State.
24Payments from the Illinois ABLE account plan shall be made
25under this Section.
26 The assets of ABLE accounts and their income may not be

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1used as security for a loan.
2 The assets of ABLE accounts and their income and operation
3shall be exempt from all taxation by the State of Illinois and
4any of its subdivisions to the extent exempt from federal
5income taxation. The accrued earnings on investments in an ABLE
6account once disbursed on behalf of a designated beneficiary
7shall be similarly exempt from all taxation by the State of
8Illinois and its subdivisions to the extent exempt from federal
9income taxation, so long as they are used for qualified
10expenses.
11 Notwithstanding any other provision of law that requires
12consideration of one or more financial circumstances of an
13individual, for the purpose of determining eligibility to
14receive, or the amount of, any assistance or benefit authorized
15by such provision to be provided to or for the benefit of such
16individual, any amount, including earnings thereon, in the ABLE
17account of such individual, any contributions to the ABLE
18account of the individual, and any distribution for qualified
19disability expenses shall be disregarded for such purpose with
20respect to any period during which such individual maintains,
21makes contributions to, or receives distributions from such
22ABLE account.
23 (e) The account owner or the designated representative of
24the account owner may request that a qualified distribution be
25made for the benefit of the account owner. Qualified
26distributions shall be made for qualified disability expenses

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1allowed pursuant to Section 529A of the Internal Revenue Code.
2Qualified distributions must be withdrawn proportionally from
3contributions and earnings in an account owner's account on the
4date of distribution as provided in Section 529A of the
5Internal Revenue Code. Upon the death of a beneficiary, the
6amount remaining in the beneficiary's account must be
7distributed pursuant to subsection (f) of Section 529A of the
8Internal Revenue Code.
9 (f) The State Treasurer may adopt rules to carry out the
10purposes of this Section. The State Treasurer shall further
11have the power to issue peremptory rules necessary to ensure
12that ABLE accounts meet all of the requirements for a qualified
13state ABLE program under Section 529A of the Internal Revenue
14Code and any regulations issued by the Internal Revenue
15Service.
16(Source: P.A. 99-145, eff. 1-1-16; 99-563, eff. 7-15-16.)
17 Section 99. Effective date. This Act takes effect upon
18becoming law.
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