Bill Text: IL HB5314 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Illinois Prepaid Tuition Act. Makes a technical change in a Section concerning a tax exemption.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2020-02-18 - Referred to Rules Committee [HB5314 Detail]

Download: Illinois-2019-HB5314-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB5314 Introduced , by Rep. Kelly M. Burke SYNOPSIS AS INTRODUCED:
110 ILCS 979/55
Amends the Illinois Prepaid Tuition Act. Makes a technical change in a Section concerning a tax exemption.
LRB101 18772 CMG 68227 b
A BILL FOR
HB5314 LRB101 18772 CMG 68227 b
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 The assets of 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.)