Illinois 95th Regular Session Status: In Committee

SB 1277 — DISABILITY SAVINGS POOL

Last action — Session Sine Die

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 95th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Creates the Developmental Disability Savings Pool Act and amends the Illinois Income Tax Act. Requires the State Treasurer to establish and administer a Developmental Disability Savings Pool to supplement and enhance the investment opportunities otherwise available to persons seeking to finance the future care and maintenance of a beneficiary who suffers from a developmental disability. Sets forth requirements for the savings pool. Provides that assets of the Developmental Disability Savings Pool and its income are exempt from all taxation by the State of Illinois and any of its subdivisions and the distributions from the savings pool are exempt so long as they are used for the qualified care and maintenance of the designated beneficiary. Amends the Illinois Income Tax Act to create deductions for taxpayers who are individuals or trusts or estates for contributions to, interest earned on, and distributions from the Developmental Disability Savings Pool. Exempts these deductions from the Act's sunset provisions. Effective immediately.

Bill Text

Action History

  1. Session Sine Die

  2. Referred to Rules

  3. First Reading

  4. Filed with Secretary by Sen. Dan Cronin

Sponsors

  • Dan Cronin · Cosponsor

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

  • Dan Cronin

Not signed on (182)

182 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

taxation healthcare labor
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Frequently asked questions

What does SB 1277 do?
Creates the Developmental Disability Savings Pool Act and amends the Illinois Income Tax Act. Requires the State Treasurer to establish and administer a Developmental Disability Savings Pool to supplement and enhance the investment opportunities otherwise available to persons seeking to finance the future care and maintenance of a beneficiary who suffers from a developmental disability. Sets forth requirements for the savings pool. Provides that assets of the Developmental Disability Savings Pool and its income are exempt from all taxation by the State of Illinois and any of its subdivisions and the distributions from the savings pool are exempt so long as they are used for the qualified care and maintenance of the designated beneficiary. Amends the Illinois Income Tax Act to create deductions for taxpayers who are individuals or trusts or estates for contributions to, interest earned on, and distributions from the Developmental Disability Savings Pool. Exempts these deductions from the Act's sunset provisions. Effective immediately.
Who sponsors SB 1277?
SB 1277 is sponsored by Dan Cronin.
What is the current status of SB 1277?
This bill died with 95th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 1277?
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Last checked for changes 3 months ago · updated continuously

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