HB 376

  • Illinois House Bill
  • 95th Regular Session
  • Introduced in House Mar 01, 2007
  • Passed House Feb 28, 2007
  • Passed Senate May 23, 2007
  • Became Law Aug 03, 2007

Inc Tax- College Savings Plan

Abstract

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.

Bill Sponsors (8)

Votes


Actions


Aug 03, 2007

House

Public Act . . . . . . . . . 95-0023

House

Effective Date August 3, 2007

House

Governor Approved

Jun 05, 2007

House

Sent to the Governor

May 23, 2007

Senate

Third Reading - Passed; 056-000-000

House

Passed Both Houses

May 15, 2007

Senate

Second Reading

Senate

Placed on Calendar Order of 3rd Reading May 16, 2007

Apr 25, 2007

Senate

Added as Alternate Co-Sponsor Sen. Michael Noland

Apr 19, 2007

Senate

Do Pass Revenue; 009-000-000

Senate

Placed on Calendar Order of 2nd Reading April 20, 2007

Senate

Added as Alternate Co-Sponsor Sen. John M. Sullivan

Apr 18, 2007

Senate

Added as Alternate Co-Sponsor Sen. Linda Holmes

Senate

Added as Alternate Co-Sponsor Sen. Michael Bond

Senate

Added as Alternate Co-Sponsor Sen. David Koehler

Apr 12, 2007

Senate

Added as Alternate Co-Sponsor Sen. Michael W. Frerichs

Mar 30, 2007

Senate

Assigned to Revenue

Mar 14, 2007

House

Added Co-Sponsor Rep. Naomi D. Jakobsson

Mar 06, 2007

Senate

Referred to Rules

Senate

First Reading

Mar 02, 2007

Senate

Added as Alternate Chief Co-Sponsor Sen. Don Harmon

Senate

Added as Alternate Co-Sponsor Sen. Jacqueline Y. Collins

Senate

Added as Alternate Chief Co-Sponsor Sen. Pamela J. Althoff

Mar 01, 2007

Senate

Placed on Calendar Order of First Reading March 2, 2007

Senate

Added as Alternate Chief Co-Sponsor Sen. Kimberly A. Lightford

Senate

Added as Alternate Chief Co-Sponsor Sen. Jeffrey M. Schoenberg

Senate

Chief Senate Sponsor Sen. James F. Clayborne, Jr.

Senate

Arrive in Senate

Feb 28, 2007

House

Added Co-Sponsor Rep. Mike Bost

House

Remove Chief Co-Sponsor Rep. Deborah L. Graham

House

Added Chief Co-Sponsor Rep. Michael Tryon

House

Added Co-Sponsor Rep. Deborah L. Graham

House

Removed Co-Sponsor Rep. Michael Tryon

House

Third Reading - Short Debate - Passed 113-000-000

House

Added Co-Sponsor Rep. Richard T. Bradley

House

Added Co-Sponsor Rep. Kevin A. McCarthy

House

Added Co-Sponsor Rep. Karen May

House

Added Co-Sponsor Rep. James H. Meyer

House

Added Co-Sponsor Rep. Thomas Holbrook

House

Added Co-Sponsor Rep. Fred Crespo

House

Added Co-Sponsor Rep. Jay C. Hoffman

House

Added Co-Sponsor Rep. David R. Leitch

Feb 23, 2007

House

Placed on Calendar Order of 3rd Reading - Short Debate

House

Second Reading - Short Debate

Feb 22, 2007

House

Placed on Calendar 2nd Reading - Short Debate

House

Added Co-Sponsor Rep. Kenneth Dunkin

House

Added Co-Sponsor Rep. Rich Brauer

House

Added Co-Sponsor Rep. Monique D. Davis

House

Added Co-Sponsor Rep. Daniel J. Burke

House

Added Co-Sponsor Rep. Chapin Rose

House

Added Co-Sponsor Rep. Mike Boland

House

Added Co-Sponsor Rep. Michael K. Smith

House

Added Co-Sponsor Rep. Joseph M. Lyons

House

Added Co-Sponsor Rep. Marlow H. Colvin

Feb 21, 2007

House

Added Co-Sponsor Rep. Jim Watson

House

Do Pass / Short Debate Financial Institutions Committee; 020-000-000

House

Added Co-Sponsor Rep. Carolyn H. Krause

House

Added Co-Sponsor Rep. Ron Stephens

Feb 16, 2007

House

Added Co-Sponsor Rep. Linda Chapa LaVia

House

Remove Chief Co-Sponsor Rep. Michael Tryon

House

Added Chief Co-Sponsor Rep. Deborah L. Graham

House

Added Co-Sponsor Rep. Michael Tryon

House

Added Co-Sponsor Rep. Sara Feigenholtz

House

Added Co-Sponsor Rep. John A. Fritchey

House

Added Co-Sponsor Rep. Harry Osterman

House

Added Co-Sponsor Rep. Aaron Schock

House

Added Chief Co-Sponsor Rep. Barbara Flynn Currie

Feb 08, 2007

House

Added Chief Co-Sponsor Rep. Elizabeth Coulson

House

Added Chief Co-Sponsor Rep. Robert S. Molaro

House

Chief Co-Sponsor Changed to Rep. Elizabeth Coulson

House

Chief Co-Sponsor Changed to Rep. Robert S. Molaro

House

Added Chief Co-Sponsor Rep. Michael Tryon

Jan 31, 2007

House

Assigned to Financial Institutions Committee

Jan 26, 2007

House

First Reading

House

Referred to Rules Committee

Jan 23, 2007

House

Filed with the Clerk by Rep. Jack D. Franks

Bill Text

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Related Documents

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Sources

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