IL HB2837 | 2019-2020 | 101st General Assembly

Status

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 8-0)
Status: Passed on June 21 2019 - 100% progression
Action: 2019-06-21 - Public Act . . . . . . . . . 101-0026
Text: Latest bill text (Chaptered) [HTML]

Summary

Amends the State Treasurer Act. Provides that the contributions deposited in the College Savings Pool, and any earnings thereon, shall not constitute property of the State or be commingled with State funds and the State shall have no claim to or against, or interest in, such funds; provides that the State Treasurer may collect fees in accordance with the Act. Provides that the State Treasurer shall provide a separate accounting for each designated beneficiary of a College Savings Pool account. Provides that the separate accounting shall be provided to the account owner of the account for the designated beneficiary at least annually and shall show the account balance, the investment in the account, the investment earnings, and the distributions from the account. Provides that the State Treasurer shall establish fees to be imposed on accounts to cover (currently, recover) the costs of administration, recordkeeping, and investment management. Provides that administrative fees, costs, and expenses, including investment fees and expenses, shall be paid from the assets of the College Savings Pool. Removes a provision specifying that, to the extent a nonqualified withdrawal is made from an account, the earnings portion of such distribution may be treated by the Internal Revenue Service as income subject to income tax and a 10% federal penalty tax. Specifies that the Illinois Student Assistance Commission shall provide the Treasurer with an electronic report listing those College Savings Pool account owners who also participate in the Illinois Prepaid Tuition Program (rather than the State's prepaid tuition program). Removes a provision specifying that the Illinois Student Assistance Commission shall be responsible for filing any combined tax reports regarding State qualified savings programs required by the United States Internal Revenue Service. Removes provisions concerning rules for the administration expenses of the College Savings Pool and amendments to rules and regulations. Provides that specified changes made by this amendatory Act are intended to be a restatement and clarification of existing law. Modifies defined terms and references. Makes other changes. Effective immediately.

Tracking Information

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Title

STATE TREASURER-ABLE ACCOUNT

Sponsors


Roll Calls

2019-05-30 - House - Concurrence in House (Y: 116 N: 0 NV: 0 Abs: 1) [PASS]
2019-05-30 - House - Concurrence in House (Y: 116 N: 0 NV: 0 Abs: 1) [PASS]
2019-05-23 - Senate - Third Reading in Senate (Y: 58 N: 0 NV: 1 Abs: 0) [PASS]
2019-03-28 - House - Third Reading in House (Y: 111 N: 0 NV: 1 Abs: 0) [PASS]

History

DateChamberAction
2019-06-21HousePublic Act . . . . . . . . . 101-0026
2019-06-21HouseEffective Date June 21, 2019
2019-06-21HouseGovernor Approved
2019-06-20HouseSent to the Governor
2019-05-30HousePassed Both Houses
2019-05-30HouseHouse Concurs
2019-05-30HouseSenate Floor Amendment No. 2 House Concurs 116-000-000
2019-05-30HouseSenate Committee Amendment No. 1 House Concurs 116-000-000
2019-05-27HouseSenate Floor Amendment No. 2 Motion to Concur Recommends Be Adopted State Government Administration Committee; 010-000-000
2019-05-27HouseSenate Committee Amendment No. 1 Motion to Concur Recommends Be Adopted State Government Administration Committee; 010-000-000
2019-05-26HouseSenate Floor Amendment No. 2 Motion to Concur Rules Referred to State Government Administration Committee
2019-05-26HouseSenate Committee Amendment No. 1 Motion to Concur Rules Referred to State Government Administration Committee
2019-05-24HouseSenate Floor Amendment No. 2 Motion to Concur Referred to Rules Committee
2019-05-24HouseSenate Committee Amendment No. 1 Motion to Concur Referred to Rules Committee
2019-05-24HouseSenate Floor Amendment No. 2 Motion Filed Concur Rep. Kelly M. Burke
2019-05-24HouseSenate Committee Amendment No. 1 Motion Filed Concur Rep. Kelly M. Burke
2019-05-23HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1, 2
2019-05-23HouseArrived in House
2019-05-23SenateThird Reading - Passed; 058-000-000
2019-05-23SenatePlaced on Calendar Order of 3rd Reading
2019-05-23SenateSenate Floor Amendment No. 2 Adopted; Morrison
2019-05-23SenateRecalled to Second Reading
2019-05-23SenateSenate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 006-000-000
2019-05-17SenatePlaced on Calendar Order of 3rd Reading May 20, 2019
2019-05-17SenateSecond Reading
2019-05-15SenateSenate Floor Amendment No. 2 Assignments Refers to Financial Institutions
2019-05-14SenateSenate Floor Amendment No. 2 Referred to Assignments
2019-05-14SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Julie A. Morrison
2019-05-08SenatePlaced on Calendar Order of 2nd Reading May 9, 2019
2019-05-08SenateDo Pass as Amended Financial Institutions; 005-000-000
2019-05-08SenateSenate Committee Amendment No. 1 Adopted
2019-05-07SenateAdded as Alternate Co-Sponsor Sen. Antonio Muñoz
2019-05-07SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
2019-05-02SenateSenate Committee Amendment No. 1 Referred to Assignments
2019-05-02SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Julie A. Morrison
2019-05-02SenateAdded as Alternate Co-Sponsor Sen. Jennifer Bertino-Tarrant
2019-05-01SenatePostponed - Financial Institutions
2019-04-24SenateAssigned to Financial Institutions
2019-04-03SenateReferred to Assignments
2019-04-03SenateFirst Reading
2019-04-03SenateChief Senate Sponsor Sen. Julie A. Morrison
2019-04-03SenatePlaced on Calendar Order of First Reading
2019-04-03SenateArrive in Senate
2019-03-28HouseAdded Chief Co-Sponsor Rep. John C. D'Amico
2019-03-28HouseAdded Chief Co-Sponsor Rep. Michelle Mussman
2019-03-28HouseAdded Chief Co-Sponsor Rep. Frances Ann Hurley
2019-03-28HouseThird Reading - Short Debate - Passed 111-000-000
2019-03-19HousePlaced on Calendar Order of 3rd Reading - Short Debate
2019-03-19HouseSecond Reading - Short Debate
2019-03-14HousePlaced on Calendar 2nd Reading - Short Debate
2019-03-13HouseDo Pass / Short Debate State Government Administration Committee; 011-000-000
2019-03-07HouseAdded Chief Co-Sponsor Rep. Natalie A. Manley
2019-03-07HouseRemoved Co-Sponsor Rep. Natalie A. Manley
2019-03-05HouseAssigned to State Government Administration Committee
2019-02-26HouseAdded Co-Sponsor Rep. Natalie A. Manley
2019-02-14HouseReferred to Rules Committee
2019-02-14HouseFirst Reading
2019-02-14HouseFiled with the Clerk by Rep. Kelly M. Burke

Code Citations

ChapterArticleSectionCitation TypeStatute Text
1550516.6Amended CodeCitation Text
755511-13Amended CodeCitation Text
755511a-17Amended CodeCitation Text
755511a-18Amended CodeCitation Text

Illinois State Sources

TypeSource
Summaryhttps://www.ilga.gov/legislation/BillStatus.asp?DocNum=2837&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Texthttps://www.ilga.gov/legislation/101/HB/10100HB2837.htm
Texthttps://www.ilga.gov/legislation/101/HB/10100HB2837eng.htm
Texthttps://www.ilga.gov/legislation/101/HB/10100HB2837enr.htm
Texthttps://www.ilga.gov/legislation/publicacts/101/101-0026.htm
Amendmenthttps://www.ilga.gov/legislation/101/HB/10100HB2837sam001.htm
Amendmenthttps://www.ilga.gov/legislation/101/HB/10100HB2837sam002.htm
Roll Callhttps://www.ilga.gov/legislation/votehistory/101/house/10100HB2837_03282019_017000T.pdf
Roll Callhttps://www.ilga.gov/legislation/votehistory/101/senate/10100HB2837_05232019_027000T.pdf
Roll Callhttps://www.ilga.gov/legislation/votehistory/101/house/10100HB2837sam002_05302019_048001C.pdf
Roll Callhttps://www.ilga.gov/legislation/votehistory/101/house/10100HB2837sam001_05302019_048000C.pdf

Bill Comments

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