Bill Title: 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.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Passed) 2019-06-21 - Public Act . . . . . . . . . 101-0026 [HB2837 Detail]

Text: Latest bill text (Chaptered) [HTML]

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