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HB 4914 Illinois House · 93rd Regular Session

COLLEGE SAVINGS

Summary
Amends the Illinois Income Tax Act. Authorizes a deduction of up to $10,000 per taxable year for amounts contributed in the taxable year to a College Savings Pool Account or the Illinois Prepaid Tuition Trust Fund, excluding amounts rolled over into the account (now, unlimited deductions authorized only for contributions to the College Savings Pool, excluding rollovers). Amends the State Treasurer Act, the Baccalaureate Savings Act, and the Illinois Prepaid Tuition Act to remove language providing that (i) contributions to the Bright Start Program; (ii) contributions toward the purchase of the first $25,000 of College Savings Bonds; and (iii) contributions toward the purchase of an Illinois Prepaid Tuition Contract, respectively, shall not be counted against the financial aid awarded by the Illinois Student Assistance Commission, the State, or any agency thereof. Effective immediately, except that the changes to the State Treasurer Act, the Baccalaureate Savings Act, and the Illinois Prepaid Tuition Act take effect on January 1, 2005.
Bill status signed all 5 stages cleared
Introduction
Mar 2004
Committee Review
Apr 2004
House Passage
May 2004
Senate Passage
May 2004
Signed into Law
Jul 2004
Introduced Mar 26, 2004 Signed Jul 26, 2004
Floor votes · Senate May 11, 2004 · House Mar 26, 2004

How they voted

51–2
Passed · 3 other
Total votes 56
May 11, 2004
D Democratic30
28 Yea 1 Nay 1
93% Yea
R Republican26
23 Yea 1 Nay 2
88% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
49
Key actions
8
Committee
8
Amendments
2
Jul 26, 2004
Signed into law
Governor Approved
lower
May 11, 2004
Lower · Passed
Passed Both Houses
lower
May 11, 2004
Senate · Passed
Senate Vote: pass (51-2-3)
senate
Apr 22, 2004
Upper · Passed
Do Pass Revenue; 009-000-000
upper
Apr 15, 2004
Committee
Assigned to Revenue
upper
Mar 30, 2004
Committee
Referred to Rules
upper
Mar 26, 2004
Introduced
Arrive in Senate
upper
Mar 26, 2004
House · Passed
House Vote: pass (110-0-5)
house
Mar 25, 2004
Lower · Passed
House Floor Amendment No. 1 Adopted by Voice Vote
lower
Mar 25, 2004
Lower · Passed
House Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000
lower
Mar 23, 2004
Committee
House Floor Amendment No. 1 Referred to Rules Committee
lower
Mar 23, 2004
Introduced
House Floor Amendment No. 1 Filed with Clerk by Rep. Kevin Joyce
lower
Mar 4, 2004
Lower · Passed
Do Pass / Short Debate Revenue Committee; 009-000-000
lower
Feb 19, 2004
Committee
Assigned to Revenue Committee
lower
Feb 5, 2004
Committee
Referred to Rules Committee
lower
0 primary · 2 co-sponsors

Sponsors

No sponsor information available.