summary
Introduced
08/26/2025
08/26/2025
In Committee
10/15/2025
10/15/2025
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the State Treasurer Act. Changes the name of the "College Savings Pool" to the "College, Secondary, and Elementary Education Savings Pool". In provisions relating to the College, Secondary, and Elementary Education Savings Pool established by the State Treasurer pursuant to Section 529 of the Internal Revenue Code, provides that an "eligible educational institution" includes elementary or secondary public, private, or religious schools and "qualified expenses" include expenses, up to $10,000 per taxable year, for tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. Amends the Deposit of State Moneys Act, Illinois Income Tax Act, the Code of Civil Procedure, and the Illinois Marriage and Dissolution of Marriage Act to make conforming changes. Effective immediately.
AI Summary
This bill expands the Illinois College, Secondary, and Elementary Education Savings Pool by modifying several state laws to broaden the definition of "qualified expenses" to include tuition for elementary and secondary schools (public, private, or religious), with a maximum annual limit of $10,000 per taxable year. The bill changes the name of the existing "College Savings Pool" to the "College, Secondary, and Elementary Education Savings Pool" and updates multiple sections of state law, including the State Treasurer Act, Deposit of State Moneys Act, Illinois Income Tax Act, Code of Civil Procedure, and Illinois Marriage and Dissolution of Marriage Act, to reflect this expanded definition. The changes allow account owners to use funds saved in the 529 college savings plan for K-12 school tuition, providing more flexibility for families in using these education savings accounts. The bill is effective immediately upon becoming law, and specifically applies to distributions made after December 31, 2017, which aligns with federal tax law changes that first permitted the use of 529 plan funds for K-12 tuition expenses.
Sponsors (1)
Last Action
Referred to Rules Committee (on 10/15/2025)
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