Illinois 94th Regular Session Status: In Committee

SB 1653 — TREASURER ACT-COLLEGE SAVINGS

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 94th 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

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, 2006, 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. Makes other changes. Effective immediately.

Bill Text

Action History

  1. Session Sine Die

  2. Re-referred to Rules

  3. Motion Prevailed

  4. Motion Filed Sen. Louis S. Viverito; , Cullerton, Hendon, Petka and Roskam, Motion to Re-refer, pursuant to Senate Rule 3-7. Re-referred to the Senate Rules Committee.

  5. Placed on Calendar Order of 2nd Reading April 6, 2005

  6. Do Pass as Amended Higher Education; 008-000-000

  7. Senate Committee Amendment No. 1 Adopted

  8. Senate Committee Amendment No. 1 Rules Refers to Higher Education

  9. Senate Committee Amendment No. 1 Referred to Rules

  10. Senate Committee Amendment No. 1 Filed with Secretary by Sen. Dave Sullivan

  11. Postponed - Higher Education

  12. Assigned to Higher Education

  13. Referred to Rules

  14. First Reading

  15. Filed with Secretary by Sen. Dave Sullivan

Sponsors

  • Dave Sullivan · Cosponsor

Sponsorship breakdown

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

Sponsors (0)

None.

Co-sponsors (1)

  • Dave Sullivan

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 education
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Frequently asked questions

What does SB 1653 do?
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, 2006, 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. Makes other changes. Effective immediately.
Who sponsors SB 1653?
SB 1653 is sponsored by Dave Sullivan.
What is the current status of SB 1653?
This bill died with 94th 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 1653?
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Last checked for changes 3 months ago · updated continuously

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