| Old | New | Differences | |
|---|---|---|---|
| 1 | - | Public Act 103-0778 | |
| 2 | 1 | SB3133 EnrolledLRB103 36417 SPS 66519 b SB3133 Enrolled LRB103 36417 SPS 66519 b | |
| 3 | 2 | SB3133 Enrolled LRB103 36417 SPS 66519 b | |
| 4 | - | AN ACT concerning State government. | |
| 5 | - | Be it enacted by the People of the State of Illinois, | |
| 6 | - | represented in the General Assembly: | |
| 7 | - | Section 5. The State Treasurer Act is amended by changing | |
| 8 | - | Sections 16.5 and 16.8 as follows: | |
| 9 | - | (15 ILCS 505/16.5) | |
| 10 | - | Sec. 16.5. College Savings Pool. | |
| 11 | - | (a) Definitions. As used in this Section: | |
| 12 | - | "Account owner" means any person or entity who has opened | |
| 13 | - | an account or to whom ownership of an account has been | |
| 14 | - | transferred, as allowed by the Internal Revenue Code, and who | |
| 15 | - | has authority to withdraw funds, direct withdrawal of funds, | |
| 16 | - | change the designated beneficiary, or otherwise exercise | |
| 17 | - | control over an account in the College Savings Pool. | |
| 18 | - | "Donor" means any person or entity who makes contributions | |
| 19 | - | to an account in the College Savings Pool. | |
| 20 | - | "Designated beneficiary" means any individual designated | |
| 21 | - | as the beneficiary of an account in the College Savings Pool by | |
| 22 | - | an account owner. A designated beneficiary must have a valid | |
| 23 | - | social security number or taxpayer identification number. In | |
| 24 | - | the case of an account established as part of a scholarship | |
| 25 | - | program permitted under Section 529 of the Internal Revenue | |
| 26 | - | Code, the designated beneficiary is any individual receiving | |
| 3 | + | 1 AN ACT concerning State government. | |
| 4 | + | 2 Be it enacted by the People of the State of Illinois, | |
| 5 | + | 3 represented in the General Assembly: | |
| 6 | + | 4 Section 5. The State Treasurer Act is amended by changing | |
| 7 | + | 5 Sections 16.5 and 16.8 as follows: | |
| 8 | + | 6 (15 ILCS 505/16.5) | |
| 9 | + | 7 Sec. 16.5. College Savings Pool. | |
| 10 | + | 8 (a) Definitions. As used in this Section: | |
| 11 | + | 9 "Account owner" means any person or entity who has opened | |
| 12 | + | 10 an account or to whom ownership of an account has been | |
| 13 | + | 11 transferred, as allowed by the Internal Revenue Code, and who | |
| 14 | + | 12 has authority to withdraw funds, direct withdrawal of funds, | |
| 15 | + | 13 change the designated beneficiary, or otherwise exercise | |
| 16 | + | 14 control over an account in the College Savings Pool. | |
| 17 | + | 15 "Donor" means any person or entity who makes contributions | |
| 18 | + | 16 to an account in the College Savings Pool. | |
| 19 | + | 17 "Designated beneficiary" means any individual designated | |
| 20 | + | 18 as the beneficiary of an account in the College Savings Pool by | |
| 21 | + | 19 an account owner. A designated beneficiary must have a valid | |
| 22 | + | 20 social security number or taxpayer identification number. In | |
| 23 | + | 21 the case of an account established as part of a scholarship | |
| 24 | + | 22 program permitted under Section 529 of the Internal Revenue | |
| 25 | + | 23 Code, the designated beneficiary is any individual receiving | |
| 27 | 26 | ||
| 28 | 27 | ||
| 29 | 28 | ||
| 30 | 29 | SB3133 Enrolled LRB103 36417 SPS 66519 b | |
| 31 | 30 | ||
| 32 | 31 | ||
| 33 | - | benefits accumulated in the account as a scholarship. | |
| 34 | - | "Eligible educational institution" means public and | |
| 35 | - | private colleges, junior colleges, graduate schools, and | |
| 36 | - | certain vocational institutions that are described in Section | |
| 37 | - | 1001 of the Higher Education Resource and Student Assistance | |
| 38 | - | Chapter of Title 20 of the United States Code (20 U.S.C. 1001) | |
| 39 | - | and that are eligible to participate in Department of | |
| 40 | - | Education student aid programs. | |
| 41 | - | "Member of the family" has the same meaning ascribed to | |
| 42 | - | that term under Section 529 of the Internal Revenue Code. | |
| 43 | - | "Nonqualified withdrawal" means a distribution from an | |
| 44 | - | account other than a distribution that (i) is used for the | |
| 45 | - | qualified expenses of the designated beneficiary; (ii) results | |
| 46 | - | from the beneficiary's death or disability; (iii) is a | |
| 47 | - | rollover to another account in the College Savings Pool; or | |
| 48 | - | (iv) is a rollover to an ABLE account, as defined in Section | |
| 49 | - | 16.6 of this Act, or any distribution that, within 60 days | |
| 50 | - | after such distribution, is transferred to an ABLE account of | |
| 51 | - | the designated beneficiary or a member of the family of the | |
| 52 | - | designated beneficiary to the extent that the distribution, | |
| 53 | - | when added to all other contributions made to the ABLE account | |
| 54 | - | for the taxable year, does not exceed the limitation under | |
| 55 | - | Section 529A(b) of the Internal Revenue Code; or (v) is a | |
| 56 | - | rollover to a Roth IRA account to the extent permitted by | |
| 57 | - | Section 529 of the Internal Revenue Code. | |
| 58 | - | "Qualified expenses" means: (i) tuition, fees, and the | |
| 32 | + | SB3133 Enrolled- 2 -LRB103 36417 SPS 66519 b SB3133 Enrolled - 2 - LRB103 36417 SPS 66519 b | |
| 33 | + | SB3133 Enrolled - 2 - LRB103 36417 SPS 66519 b | |
| 34 | + | 1 benefits accumulated in the account as a scholarship. | |
| 35 | + | 2 "Eligible educational institution" means public and | |
| 36 | + | 3 private colleges, junior colleges, graduate schools, and | |
| 37 | + | 4 certain vocational institutions that are described in Section | |
| 38 | + | 5 1001 of the Higher Education Resource and Student Assistance | |
| 39 | + | 6 Chapter of Title 20 of the United States Code (20 U.S.C. 1001) | |
| 40 | + | 7 and that are eligible to participate in Department of | |
| 41 | + | 8 Education student aid programs. | |
| 42 | + | 9 "Member of the family" has the same meaning ascribed to | |
| 43 | + | 10 that term under Section 529 of the Internal Revenue Code. | |
| 44 | + | 11 "Nonqualified withdrawal" means a distribution from an | |
| 45 | + | 12 account other than a distribution that (i) is used for the | |
| 46 | + | 13 qualified expenses of the designated beneficiary; (ii) results | |
| 47 | + | 14 from the beneficiary's death or disability; (iii) is a | |
| 48 | + | 15 rollover to another account in the College Savings Pool; or | |
| 49 | + | 16 (iv) is a rollover to an ABLE account, as defined in Section | |
| 50 | + | 17 16.6 of this Act, or any distribution that, within 60 days | |
| 51 | + | 18 after such distribution, is transferred to an ABLE account of | |
| 52 | + | 19 the designated beneficiary or a member of the family of the | |
| 53 | + | 20 designated beneficiary to the extent that the distribution, | |
| 54 | + | 21 when added to all other contributions made to the ABLE account | |
| 55 | + | 22 for the taxable year, does not exceed the limitation under | |
| 56 | + | 23 Section 529A(b) of the Internal Revenue Code; or (v) is a | |
| 57 | + | 24 rollover to a Roth IRA account to the extent permitted by | |
| 58 | + | 25 Section 529 of the Internal Revenue Code. | |
| 59 | + | 26 "Qualified expenses" means: (i) tuition, fees, and the | |
| 59 | 60 | ||
| 60 | 61 | ||
| 61 | - | costs of books, supplies, and equipment required for | |
| 62 | - | enrollment or attendance at an eligible educational | |
| 63 | - | institution; (ii) expenses for special needs services, in the | |
| 64 | - | case of a special needs beneficiary, which are incurred in | |
| 65 | - | connection with such enrollment or attendance; (iii) certain | |
| 66 | - | expenses, to the extent they qualify as qualified higher | |
| 67 | - | education expenses under Section 529 of the Internal Revenue | |
| 68 | - | Code, for the purchase of computer or peripheral equipment or | |
| 69 | - | Internet access and related services, if such equipment, | |
| 70 | - | software, or services are to be used primarily by the | |
| 71 | - | beneficiary during any of the years the beneficiary is | |
| 72 | - | enrolled at an eligible educational institution, except that, | |
| 73 | - | such expenses shall not include expenses for computer software | |
| 74 | - | designed for sports, games, or hobbies, unless the software is | |
| 75 | - | predominantly educational in nature; (iv) room and board | |
| 76 | - | expenses incurred while attending an eligible educational | |
| 77 | - | institution at least half-time; (v) expenses for fees, books, | |
| 78 | - | supplies, and equipment required for the participation of a | |
| 79 | - | designated beneficiary in an apprenticeship program registered | |
| 80 | - | and certified with the Secretary of Labor under the National | |
| 81 | - | Apprenticeship Act (29 U.S.C. 50); and (vi) amounts paid as | |
| 82 | - | principal or interest on any qualified education loan of the | |
| 83 | - | designated beneficiary or a sibling of the designated | |
| 84 | - | beneficiary, as allowed under Section 529 of the Internal | |
| 85 | - | Revenue Code. A student shall be considered to be enrolled at | |
| 86 | - | least half-time if the student is enrolled for at least half | |
| 87 | 62 | ||
| 88 | 63 | ||
| 89 | - | the full-time academic workload for the course of study the | |
| 90 | - | student is pursuing as determined under the standards of the | |
| 91 | - | institution at which the student is enrolled. | |
| 92 | - | (b) Establishment of the Pool. The State Treasurer may | |
| 93 | - | establish and administer the College Savings Pool as a | |
| 94 | - | qualified tuition program under Section 529 of the Internal | |
| 95 | - | Revenue Code. The Pool may consist of one or more college | |
| 96 | - | savings programs. The State Treasurer, in administering the | |
| 97 | - | College Savings Pool, may: (1) receive, hold, and invest | |
| 98 | - | moneys paid into the Pool; and (2) perform any other action he | |
| 99 | - | or she deems necessary to administer the Pool, including any | |
| 100 | - | other actions necessary to ensure that the Pool operates as a | |
| 101 | - | qualified tuition program in accordance with Section 529 of | |
| 102 | - | the Internal Revenue Code. | |
| 103 | - | (c) Administration of the College Savings Pool. The State | |
| 104 | - | Treasurer may delegate duties related to the College Savings | |
| 105 | - | Pool to one or more contractors. The contributions deposited | |
| 106 | - | in the Pool, and any earnings thereon, shall not constitute | |
| 107 | - | property of the State or be commingled with State funds and the | |
| 108 | - | State shall have no claim to or against, or interest in, such | |
| 109 | - | funds; provided that the fees collected by the State Treasurer | |
| 110 | - | in accordance with this Act, scholarship programs administered | |
| 111 | - | by the State Treasurer, and seed funds deposited by the State | |
| 112 | - | Treasurer under Section 16.8 of the Act are State funds. | |
| 113 | - | (c-5) College Savings Pool Account Summaries. The State | |
| 114 | - | Treasurer shall provide a separate accounting for each | |
| 64 | + | ||
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| 115 | 66 | ||
| 116 | 67 | ||
| 117 | - | designated beneficiary. The separate accounting shall be | |
| 118 | - | provided to the account owner of the account for the | |
| 119 | - | designated beneficiary at least annually and shall show the | |
| 120 | - | account balance, the investment in the account, the investment | |
| 121 | - | earnings, and the distributions from the account. | |
| 122 | - | (d) Availability of the College Savings Pool. The State | |
| 123 | - | Treasurer may permit persons, including trustees of trusts and | |
| 124 | - | custodians under a Uniform Transfers to Minors Act or Uniform | |
| 125 | - | Gifts to Minors Act account, and certain legal entities to be | |
| 126 | - | account owners, including as part of a scholarship program, | |
| 127 | - | provided that: (1) an individual, trustee or custodian must | |
| 128 | - | have a valid social security number or taxpayer identification | |
| 129 | - | number, be at least 18 years of age, and have a valid United | |
| 130 | - | States street address; and (2) a legal entity must have a valid | |
| 131 | - | taxpayer identification number and a valid United States | |
| 132 | - | street address. In-state and out-of-state persons, trustees, | |
| 133 | - | custodians, and legal entities may be account owners and | |
| 134 | - | donors, and both in-state and out-of-state individuals may be | |
| 135 | - | designated beneficiaries in the College Savings Pool. | |
| 136 | - | (e) Fees. Any fees, costs, and expenses, including | |
| 137 | - | investment fees and expenses and payments to third parties, | |
| 138 | - | related to the College Savings Pool, shall be paid from the | |
| 139 | - | assets of the College Savings Pool. The State Treasurer shall | |
| 140 | - | establish fees to be imposed on accounts to cover such fees, | |
| 141 | - | costs, and expenses, to the extent not paid directly out of the | |
| 142 | - | investments of the College Savings Pool, and to maintain an | |
| 68 | + | SB3133 Enrolled- 3 -LRB103 36417 SPS 66519 b SB3133 Enrolled - 3 - LRB103 36417 SPS 66519 b | |
| 69 | + | SB3133 Enrolled - 3 - LRB103 36417 SPS 66519 b | |
| 70 | + | 1 costs of books, supplies, and equipment required for | |
| 71 | + | 2 enrollment or attendance at an eligible educational | |
| 72 | + | 3 institution; (ii) expenses for special needs services, in the | |
| 73 | + | 4 case of a special needs beneficiary, which are incurred in | |
| 74 | + | 5 connection with such enrollment or attendance; (iii) certain | |
| 75 | + | 6 expenses, to the extent they qualify as qualified higher | |
| 76 | + | 7 education expenses under Section 529 of the Internal Revenue | |
| 77 | + | 8 Code, for the purchase of computer or peripheral equipment or | |
| 78 | + | 9 Internet access and related services, if such equipment, | |
| 79 | + | 10 software, or services are to be used primarily by the | |
| 80 | + | 11 beneficiary during any of the years the beneficiary is | |
| 81 | + | 12 enrolled at an eligible educational institution, except that, | |
| 82 | + | 13 such expenses shall not include expenses for computer software | |
| 83 | + | 14 designed for sports, games, or hobbies, unless the software is | |
| 84 | + | 15 predominantly educational in nature; (iv) room and board | |
| 85 | + | 16 expenses incurred while attending an eligible educational | |
| 86 | + | 17 institution at least half-time; (v) expenses for fees, books, | |
| 87 | + | 18 supplies, and equipment required for the participation of a | |
| 88 | + | 19 designated beneficiary in an apprenticeship program registered | |
| 89 | + | 20 and certified with the Secretary of Labor under the National | |
| 90 | + | 21 Apprenticeship Act (29 U.S.C. 50); and (vi) amounts paid as | |
| 91 | + | 22 principal or interest on any qualified education loan of the | |
| 92 | + | 23 designated beneficiary or a sibling of the designated | |
| 93 | + | 24 beneficiary, as allowed under Section 529 of the Internal | |
| 94 | + | 25 Revenue Code. A student shall be considered to be enrolled at | |
| 95 | + | 26 least half-time if the student is enrolled for at least half | |
| 143 | 96 | ||
| 144 | 97 | ||
| 145 | - | adequate reserve fund in line with industry standards for | |
| 146 | - | government operated funds. The Treasurer must use his or her | |
| 147 | - | best efforts to keep these fees as low as possible and | |
| 148 | - | consistent with administration of high quality competitive | |
| 149 | - | college savings programs. | |
| 150 | - | (f) Investments in the State. To enhance the safety and | |
| 151 | - | liquidity of the College Savings Pool, to ensure the | |
| 152 | - | diversification of the investment portfolio of the College | |
| 153 | - | Savings Pool, and in an effort to keep investment dollars in | |
| 154 | - | the State of Illinois, the State Treasurer may make a | |
| 155 | - | percentage of each account available for investment in | |
| 156 | - | participating financial institutions doing business in the | |
| 157 | - | State. | |
| 158 | - | (g) Investment policy. The Treasurer shall develop, | |
| 159 | - | publish, and implement an investment policy covering the | |
| 160 | - | investment of the moneys in each of the programs in the College | |
| 161 | - | Savings Pool. The policy shall be published each year as part | |
| 162 | - | of the audit of the College Savings Pool by the Auditor | |
| 163 | - | General, which shall be distributed to all account owners in | |
| 164 | - | such program. The Treasurer shall notify all account owners in | |
| 165 | - | such program in writing, and the Treasurer shall publish in a | |
| 166 | - | newspaper of general circulation in both Chicago and | |
| 167 | - | Springfield, any changes to the previously published | |
| 168 | - | investment policy at least 30 calendar days before | |
| 169 | - | implementing the policy. Any investment policy adopted by the | |
| 170 | - | Treasurer shall be reviewed and updated if necessary within 90 | |
| 171 | 98 | ||
| 172 | 99 | ||
| 173 | - | days following the date that the State Treasurer takes office. | |
| 174 | - | (h) Investment restrictions. An account owner may, | |
| 175 | - | directly or indirectly, direct the investment of his or her | |
| 176 | - | account only as provided in Section 529(b)(4) of the Internal | |
| 177 | - | Revenue Code. Donors and designated beneficiaries, in those | |
| 178 | - | capacities, may not, directly or indirectly, direct the | |
| 179 | - | investment of an account. | |
| 180 | - | (i) Distributions. Distributions from an account in the | |
| 181 | - | College Savings Pool may be used for the designated | |
| 182 | - | beneficiary's qualified expenses, and if not used in that | |
| 183 | - | manner, may be considered a nonqualified withdrawal. Funds | |
| 184 | - | contained in a College Savings Pool account may be rolled over | |
| 185 | - | into: | |
| 186 | - | (1) an eligible ABLE account, as defined in Section | |
| 187 | - | 16.6 of this Act to the extent permitted by Section 529 of | |
| 188 | - | the Internal Revenue Code; , or | |
| 189 | - | (2) another qualified tuition program, to the extent | |
| 190 | - | permitted by Section 529 of the Internal Revenue Code; or | |
| 191 | - | (3) a Roth IRA account, to the extent permitted by | |
| 192 | - | Section 529 of the Internal Revenue Code. | |
| 193 | - | Distributions made from the College Savings Pool may be | |
| 194 | - | made directly to the eligible educational institution, | |
| 195 | - | directly to a vendor, in the form of a check payable to both | |
| 196 | - | the designated beneficiary and the institution or vendor, | |
| 197 | - | directly to the designated beneficiary or account owner, or in | |
| 198 | - | any other manner that is permissible under Section 529 of the | |
| 100 | + | ||
| 101 | + | SB3133 Enrolled - 3 - LRB103 36417 SPS 66519 b | |
| 199 | 102 | ||
| 200 | 103 | ||
| 201 | - | Internal Revenue Code. | |
| 202 | - | (j) Contributions. Contributions to the College Savings | |
| 203 | - | Pool shall be as follows: | |
| 204 | - | (1) Contributions to an account in the College Savings | |
| 205 | - | Pool may be made only in cash. | |
| 206 | - | (2) The Treasurer shall limit the contributions that | |
| 207 | - | may be made to the College Savings Pool on behalf of a | |
| 208 | - | designated beneficiary, as required under Section 529 of | |
| 209 | - | the Internal Revenue Code, to prevent contributions for | |
| 210 | - | the benefit of a designated beneficiary in excess of those | |
| 211 | - | necessary to provide for the qualified expenses of the | |
| 212 | - | designated beneficiary. The Pool shall not permit any | |
| 213 | - | additional contributions to an account as soon as the sum | |
| 214 | - | of (i) the aggregate balance in all accounts in the Pool | |
| 215 | - | for the designated beneficiary and (ii) the aggregate | |
| 216 | - | contributions in the Illinois Prepaid Tuition Program for | |
| 217 | - | the designated beneficiary reaches the specified balance | |
| 218 | - | limit established from time to time by the Treasurer. | |
| 219 | - | (k) Illinois Student Assistance Commission. The Treasurer | |
| 220 | - | and the Illinois Student Assistance Commission shall each | |
| 221 | - | cooperate in providing each other with account information, as | |
| 222 | - | necessary, to prevent contributions in excess of those | |
| 223 | - | necessary to provide for the qualified expenses of the | |
| 224 | - | designated beneficiary, as described in subsection (j). | |
| 225 | - | The Treasurer shall work with the Illinois Student | |
| 226 | - | Assistance Commission to coordinate the marketing of the | |
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| 106 | + | 1 the full-time academic workload for the course of study the | |
| 107 | + | 2 student is pursuing as determined under the standards of the | |
| 108 | + | 3 institution at which the student is enrolled. | |
| 109 | + | 4 (b) Establishment of the Pool. The State Treasurer may | |
| 110 | + | 5 establish and administer the College Savings Pool as a | |
| 111 | + | 6 qualified tuition program under Section 529 of the Internal | |
| 112 | + | 7 Revenue Code. The Pool may consist of one or more college | |
| 113 | + | 8 savings programs. The State Treasurer, in administering the | |
| 114 | + | 9 College Savings Pool, may: (1) receive, hold, and invest | |
| 115 | + | 10 moneys paid into the Pool; and (2) perform any other action he | |
| 116 | + | 11 or she deems necessary to administer the Pool, including any | |
| 117 | + | 12 other actions necessary to ensure that the Pool operates as a | |
| 118 | + | 13 qualified tuition program in accordance with Section 529 of | |
| 119 | + | 14 the Internal Revenue Code. | |
| 120 | + | 15 (c) Administration of the College Savings Pool. The State | |
| 121 | + | 16 Treasurer may delegate duties related to the College Savings | |
| 122 | + | 17 Pool to one or more contractors. The contributions deposited | |
| 123 | + | 18 in the Pool, and any earnings thereon, shall not constitute | |
| 124 | + | 19 property of the State or be commingled with State funds and the | |
| 125 | + | 20 State shall have no claim to or against, or interest in, such | |
| 126 | + | 21 funds; provided that the fees collected by the State Treasurer | |
| 127 | + | 22 in accordance with this Act, scholarship programs administered | |
| 128 | + | 23 by the State Treasurer, and seed funds deposited by the State | |
| 129 | + | 24 Treasurer under Section 16.8 of the Act are State funds. | |
| 130 | + | 25 (c-5) College Savings Pool Account Summaries. The State | |
| 131 | + | 26 Treasurer shall provide a separate accounting for each | |
| 227 | 132 | ||
| 228 | 133 | ||
| 229 | - | College Savings Pool and the Illinois Prepaid Tuition Program | |
| 230 | - | when considered beneficial by the Treasurer and the Director | |
| 231 | - | of the Illinois Student Assistance Commission. | |
| 232 | - | (l) Prohibition; exemption. No interest in the program, or | |
| 233 | - | any portion thereof, may be used as security for a loan. Moneys | |
| 234 | - | held in an account invested in the College Savings Pool shall | |
| 235 | - | be exempt from all claims of the creditors of the account | |
| 236 | - | owner, donor, or designated beneficiary of that account, | |
| 237 | - | except for the non-exempt College Savings Pool transfers to or | |
| 238 | - | from the account as defined under subsection (j) of Section | |
| 239 | - | 12-1001 of the Code of Civil Procedure. | |
| 240 | - | (m) Taxation. The assets of the College Savings Pool and | |
| 241 | - | its income and operation shall be exempt from all taxation by | |
| 242 | - | the State of Illinois and any of its subdivisions. The accrued | |
| 243 | - | earnings on investments in the Pool once disbursed on behalf | |
| 244 | - | of a designated beneficiary shall be similarly exempt from all | |
| 245 | - | taxation by the State of Illinois and its subdivisions, so | |
| 246 | - | long as they are used for qualified expenses. Contributions to | |
| 247 | - | a College Savings Pool account during the taxable year may be | |
| 248 | - | deducted from adjusted gross income as provided in Section 203 | |
| 249 | - | of the Illinois Income Tax Act. The provisions of this | |
| 250 | - | paragraph are exempt from Section 250 of the Illinois Income | |
| 251 | - | Tax Act. | |
| 252 | - | (n) Rules. The Treasurer shall adopt rules he or she | |
| 253 | - | considers necessary for the efficient administration of the | |
| 254 | - | College Savings Pool. The rules shall provide whatever | |
| 255 | 134 | ||
| 256 | 135 | ||
| 257 | - | additional parameters and restrictions are necessary to ensure | |
| 258 | - | that the College Savings Pool meets all the requirements for a | |
| 259 | - | qualified tuition program under Section 529 of the Internal | |
| 260 | - | Revenue Code. | |
| 261 | - | Notice of any proposed amendments to the rules and | |
| 262 | - | regulations shall be provided to all account owners prior to | |
| 263 | - | adoption. | |
| 264 | - | (o) Bond. The State Treasurer shall give bond with at | |
| 265 | - | least one surety, payable to and for the benefit of the account | |
| 266 | - | owners in the College Savings Pool, in the penal sum of | |
| 267 | - | $10,000,000, conditioned upon the faithful discharge of his or | |
| 268 | - | her duties in relation to the College Savings Pool. | |
| 269 | - | (p) The changes made to subsections (c) and (e) of this | |
| 270 | - | Section by Public Act 101-26 are intended to be a restatement | |
| 271 | - | and clarification of existing law. | |
| 272 | - | (Source: P.A. 101-26, eff. 6-21-19; 101-81, eff. 7-12-19; | |
| 273 | - | 102-186, eff. 7-30-21.) | |
| 274 | - | (15 ILCS 505/16.8) | |
| 275 | - | Sec. 16.8. Illinois Higher Education Savings Program. | |
| 276 | - | (a) Definitions. As used in this Section: | |
| 277 | - | "Beneficiary" means an eligible child named as a recipient | |
| 278 | - | of seed funds. | |
| 279 | - | "Eligible child" means a child born or adopted after | |
| 280 | - | December 31, 2022, to a parent who is a resident of Illinois at | |
| 281 | - | the time of the birth or adoption, as evidenced by | |
| 136 | + | ||
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| 282 | 138 | ||
| 283 | 139 | ||
| 284 | - | documentation received by the Treasurer from the Department of | |
| 285 | - | Revenue, the Department of Public Health, or another State or | |
| 286 | - | local government agency, or a parent or legal guardian of the | |
| 287 | - | child. | |
| 288 | - | "Eligible educational institution" means institutions that | |
| 289 | - | are described in Section 1001 of the federal Higher Education | |
| 290 | - | Act of 1965 that are eligible to participate in Department of | |
| 291 | - | Education student aid programs. | |
| 292 | - | "Fund" means the Illinois Higher Education Savings Program | |
| 293 | - | Fund. | |
| 294 | - | "Omnibus account" means the pooled collection of seed | |
| 295 | - | funds owned and managed by the State Treasurer in the College | |
| 296 | - | Savings Pool under this Act. | |
| 297 | - | "Program" means the Illinois Higher Education Savings | |
| 298 | - | Program. | |
| 299 | - | "Qualified higher education expense" means the following: | |
| 300 | - | (i) tuition, fees, and the costs of books, supplies, and | |
| 301 | - | equipment required for enrollment or attendance at an eligible | |
| 302 | - | educational institution; (ii) expenses for special needs | |
| 303 | - | services, in the case of a special needs beneficiary, which | |
| 304 | - | are incurred in connection with such enrollment or attendance; | |
| 305 | - | (iii) certain expenses for the purchase of computer or | |
| 306 | - | peripheral equipment, computer software, or Internet access | |
| 307 | - | and related services as defined under Section 529 of the | |
| 308 | - | Internal Revenue Code; (iv) room and board expenses incurred | |
| 309 | - | while attending an eligible educational institution at least | |
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| 142 | + | 1 designated beneficiary. The separate accounting shall be | |
| 143 | + | 2 provided to the account owner of the account for the | |
| 144 | + | 3 designated beneficiary at least annually and shall show the | |
| 145 | + | 4 account balance, the investment in the account, the investment | |
| 146 | + | 5 earnings, and the distributions from the account. | |
| 147 | + | 6 (d) Availability of the College Savings Pool. The State | |
| 148 | + | 7 Treasurer may permit persons, including trustees of trusts and | |
| 149 | + | 8 custodians under a Uniform Transfers to Minors Act or Uniform | |
| 150 | + | 9 Gifts to Minors Act account, and certain legal entities to be | |
| 151 | + | 10 account owners, including as part of a scholarship program, | |
| 152 | + | 11 provided that: (1) an individual, trustee or custodian must | |
| 153 | + | 12 have a valid social security number or taxpayer identification | |
| 154 | + | 13 number, be at least 18 years of age, and have a valid United | |
| 155 | + | 14 States street address; and (2) a legal entity must have a valid | |
| 156 | + | 15 taxpayer identification number and a valid United States | |
| 157 | + | 16 street address. In-state and out-of-state persons, trustees, | |
| 158 | + | 17 custodians, and legal entities may be account owners and | |
| 159 | + | 18 donors, and both in-state and out-of-state individuals may be | |
| 160 | + | 19 designated beneficiaries in the College Savings Pool. | |
| 161 | + | 20 (e) Fees. Any fees, costs, and expenses, including | |
| 162 | + | 21 investment fees and expenses and payments to third parties, | |
| 163 | + | 22 related to the College Savings Pool, shall be paid from the | |
| 164 | + | 23 assets of the College Savings Pool. The State Treasurer shall | |
| 165 | + | 24 establish fees to be imposed on accounts to cover such fees, | |
| 166 | + | 25 costs, and expenses, to the extent not paid directly out of the | |
| 167 | + | 26 investments of the College Savings Pool, and to maintain an | |
| 310 | 168 | ||
| 311 | 169 | ||
| 312 | - | half-time; (v) expenses for fees, books, supplies, and | |
| 313 | - | equipment required for the participation of a designated | |
| 314 | - | beneficiary in an apprenticeship program registered and | |
| 315 | - | certified with the Secretary of Labor under the National | |
| 316 | - | Apprenticeship Act (29 U.S.C. 50); and (vi) amounts paid as | |
| 317 | - | principal or interest on any qualified education loan of the | |
| 318 | - | designated beneficiary or a sibling of the designated | |
| 319 | - | beneficiary, as allowed under Section 529 of the Internal | |
| 320 | - | Revenue Code. | |
| 321 | - | "Seed funds" means the deposit made by the State Treasurer | |
| 322 | - | into the Omnibus Accounts for Program beneficiaries. | |
| 323 | - | (b) Program established. The State Treasurer shall | |
| 324 | - | establish the Illinois Higher Education Savings Program as a | |
| 325 | - | part of the College Savings Pool under Section 16.5 of this | |
| 326 | - | Act, subject to appropriation by the General Assembly. The | |
| 327 | - | State Treasurer shall administer the Program for the purposes | |
| 328 | - | of expanding access to higher education through savings. | |
| 329 | - | (c) Program enrollment. The State Treasurer shall enroll | |
| 330 | - | all eligible children in the Program beginning in 2023, after | |
| 331 | - | receiving records of recent births, adoptions, or dependents | |
| 332 | - | from the Department of Revenue, the Department of Public | |
| 333 | - | Health, or another State or local government agency designated | |
| 334 | - | by the Treasurer, or documentation as may be required by the | |
| 335 | - | Treasurer from a parent or legal guardian of the eligible | |
| 336 | - | child. Notwithstanding any court order which would otherwise | |
| 337 | - | prevent the release of information, the Department of Public | |
| 338 | 170 | ||
| 339 | 171 | ||
| 340 | - | Health is authorized to release the information specified | |
| 341 | - | under this subsection (c) to the State Treasurer for the | |
| 342 | - | purposes of the Program established under this Section. | |
| 343 | - | (1) Beginning in 2021, the Department of Public Health | |
| 344 | - | shall provide the State Treasurer with information on | |
| 345 | - | recent Illinois births and adoptions including, but not | |
| 346 | - | limited to: the full name, residential address, birth | |
| 347 | - | date, and birth record number of the child and the full | |
| 348 | - | name and residential address of the child's parent or | |
| 349 | - | legal guardian for the purpose of enrolling eligible | |
| 350 | - | children in the Program. This data shall be provided to | |
| 351 | - | the State Treasurer by the Department of Public Health on | |
| 352 | - | a quarterly basis, no later than 30 days after the end of | |
| 353 | - | each quarter, or some other date and frequency as mutually | |
| 354 | - | agreed to by the State Treasurer and the Department of | |
| 355 | - | Public Health. | |
| 356 | - | (1.5) Beginning in 2021, the Department of Revenue | |
| 357 | - | shall provide the State Treasurer with information on tax | |
| 358 | - | filers claiming dependents or the adoption tax credit | |
| 359 | - | including, but not limited to: the full name, residential | |
| 360 | - | address, email address, phone number, birth date, and | |
| 361 | - | social security number or taxpayer identification number | |
| 362 | - | of the dependent child and of the child's parent or legal | |
| 363 | - | guardian for the purpose of enrolling eligible children in | |
| 364 | - | the Program. This data shall be provided to the State | |
| 365 | - | Treasurer by the Department of Revenue on at least an | |
| 172 | + | ||
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| 366 | 174 | ||
| 367 | 175 | ||
| 368 | - | annual basis, by July 1 of each year or another date | |
| 369 | - | jointly determined by the State Treasurer and the | |
| 370 | - | Department of Revenue. Notwithstanding anything to the | |
| 371 | - | contrary contained within this paragraph (2), the | |
| 372 | - | Department of Revenue shall not be required to share any | |
| 373 | - | information that would be contrary to federal law, | |
| 374 | - | regulation, or Internal Revenue Service Publication 1075. | |
| 375 | - | (2) The State Treasurer shall ensure the security and | |
| 376 | - | confidentiality of the information provided by the | |
| 377 | - | Department of Revenue, the Department of Public Health, or | |
| 378 | - | another State or local government agency, and it shall not | |
| 379 | - | be subject to release under the Freedom of Information | |
| 380 | - | Act. | |
| 381 | - | (3) Information provided under this Section shall only | |
| 382 | - | be used by the State Treasurer for the Program and shall | |
| 383 | - | not be used for any other purpose. | |
| 384 | - | (4) The State Treasurer and any vendors working on the | |
| 385 | - | Program shall maintain strict confidentiality of any | |
| 386 | - | information provided under this Section, and shall | |
| 387 | - | promptly provide written or electronic notice to the | |
| 388 | - | providing agency of any security breach. The providing | |
| 389 | - | State or local government agency shall remain the sole and | |
| 390 | - | exclusive owner of information provided under this | |
| 391 | - | Section. | |
| 392 | - | (d) Seed funds. After receiving information on recent | |
| 393 | - | births, adoptions, or dependents from the Department of | |
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| 178 | + | 1 adequate reserve fund in line with industry standards for | |
| 179 | + | 2 government operated funds. The Treasurer must use his or her | |
| 180 | + | 3 best efforts to keep these fees as low as possible and | |
| 181 | + | 4 consistent with administration of high quality competitive | |
| 182 | + | 5 college savings programs. | |
| 183 | + | 6 (f) Investments in the State. To enhance the safety and | |
| 184 | + | 7 liquidity of the College Savings Pool, to ensure the | |
| 185 | + | 8 diversification of the investment portfolio of the College | |
| 186 | + | 9 Savings Pool, and in an effort to keep investment dollars in | |
| 187 | + | 10 the State of Illinois, the State Treasurer may make a | |
| 188 | + | 11 percentage of each account available for investment in | |
| 189 | + | 12 participating financial institutions doing business in the | |
| 190 | + | 13 State. | |
| 191 | + | 14 (g) Investment policy. The Treasurer shall develop, | |
| 192 | + | 15 publish, and implement an investment policy covering the | |
| 193 | + | 16 investment of the moneys in each of the programs in the College | |
| 194 | + | 17 Savings Pool. The policy shall be published each year as part | |
| 195 | + | 18 of the audit of the College Savings Pool by the Auditor | |
| 196 | + | 19 General, which shall be distributed to all account owners in | |
| 197 | + | 20 such program. The Treasurer shall notify all account owners in | |
| 198 | + | 21 such program in writing, and the Treasurer shall publish in a | |
| 199 | + | 22 newspaper of general circulation in both Chicago and | |
| 200 | + | 23 Springfield, any changes to the previously published | |
| 201 | + | 24 investment policy at least 30 calendar days before | |
| 202 | + | 25 implementing the policy. Any investment policy adopted by the | |
| 203 | + | 26 Treasurer shall be reviewed and updated if necessary within 90 | |
| 394 | 204 | ||
| 395 | 205 | ||
| 396 | - | Revenue, the Department of Public Health, or another State or | |
| 397 | - | local government agency, or documentation as may be required | |
| 398 | - | by the State Treasurer from a parent or legal guardian of the | |
| 399 | - | eligible child, the State Treasurer shall make deposits into | |
| 400 | - | an omnibus account on behalf of eligible children. The State | |
| 401 | - | Treasurer shall be the owner of the omnibus accounts. | |
| 402 | - | (1) Deposit amount. The seed fund deposit for each | |
| 403 | - | eligible child shall be in the amount of $50. This amount | |
| 404 | - | may be increased by the State Treasurer by rule. The State | |
| 405 | - | Treasurer may use or deposit funds appropriated by the | |
| 406 | - | General Assembly together with moneys received as gifts, | |
| 407 | - | grants, or contributions into the Fund. If insufficient | |
| 408 | - | funds are available in the Fund, the State Treasurer may | |
| 409 | - | reduce the deposit amount or forego deposits. | |
| 410 | - | (2) Use of seed funds. Seed funds, including any | |
| 411 | - | interest, dividends, and other earnings accrued, will be | |
| 412 | - | eligible for use by a beneficiary for qualified higher | |
| 413 | - | education expenses if: | |
| 414 | - | (A) the parent or guardian of the eligible child | |
| 415 | - | claimed the seed funds for the beneficiary by the | |
| 416 | - | beneficiary's 10th birthday; | |
| 417 | - | (B) the beneficiary has completed secondary | |
| 418 | - | education or has reached the age of 18; and | |
| 419 | - | (C) the beneficiary is currently a resident of the | |
| 420 | - | State of Illinois. Non-residents are not eligible to | |
| 421 | - | claim or use seed funds. | |
| 422 | 206 | ||
| 423 | 207 | ||
| 424 | - | (3) Notice of seed fund availability. The State | |
| 425 | - | Treasurer shall make a good faith effort to notify | |
| 426 | - | beneficiaries and their parents or legal guardians of the | |
| 427 | - | seed funds' availability and the deadline to claim such | |
| 428 | - | funds. | |
| 429 | - | (4) Unclaimed seed funds. Seed funds and any interest | |
| 430 | - | earnings that are unclaimed by the beneficiary's 10th | |
| 431 | - | birthday or unused by the beneficiary's 26th birthday will | |
| 432 | - | be considered forfeited. Unclaimed and unused seed funds | |
| 433 | - | and any interest earnings will remain in the omnibus | |
| 434 | - | account for future beneficiaries. | |
| 435 | - | (e) Financial education. The State Treasurer may develop | |
| 436 | - | educational materials that support the financial literacy of | |
| 437 | - | beneficiaries and their legal guardians, and may do so in | |
| 438 | - | collaboration with State and federal agencies, including, but | |
| 439 | - | not limited to, the Illinois State Board of Education and | |
| 440 | - | existing nonprofit agencies with expertise in financial | |
| 441 | - | literacy and education. | |
| 442 | - | (f) Supplementary deposits and partnerships. The State | |
| 443 | - | Treasurer may make supplementary deposits to children in | |
| 444 | - | financially insecure households if sufficient funds are | |
| 445 | - | available. Furthermore, the State Treasurer may develop | |
| 446 | - | partnerships with private, nonprofit, or governmental | |
| 447 | - | organizations to provide additional savings incentives, | |
| 448 | - | including conditional cash transfers or matching contributions | |
| 449 | - | that provide a savings incentive based on specific actions | |
| 208 | + | ||
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| 450 | 210 | ||
| 451 | 211 | ||
| 452 | - | taken or other criteria. | |
| 453 | - | (g) Illinois Higher Education Savings Program Fund. The | |
| 454 | - | Illinois Higher Education Savings Program Fund is hereby | |
| 455 | - | established as a special fund in the State treasury. The Fund | |
| 456 | - | shall be the official repository of all contributions, | |
| 457 | - | appropriated funds, interest, and dividend payments, gifts, or | |
| 458 | - | other financial assets received by the State Treasurer in | |
| 459 | - | connection with the operation of the Program or related | |
| 460 | - | partnerships. All such moneys shall be deposited into the Fund | |
| 461 | - | and held by the State Treasurer as custodian thereof. The | |
| 462 | - | State Treasurer may accept gifts, grants, awards, matching | |
| 463 | - | contributions, interest income, and appropriated funds from | |
| 464 | - | individuals, businesses, governments, and other third-party | |
| 465 | - | sources to implement the Program on terms that the Treasurer | |
| 466 | - | deems advisable. All interest or other earnings accruing or | |
| 467 | - | received on amounts in the Illinois Higher Education Savings | |
| 468 | - | Program Fund shall be credited to and retained by the Fund and | |
| 469 | - | used for the benefit of the Program. Assets of the Fund must at | |
| 470 | - | all times be preserved, invested, and expended only for the | |
| 471 | - | purposes of the Program and must be held for the benefit of the | |
| 472 | - | beneficiaries. Assets may not be transferred or used by the | |
| 473 | - | State or the State Treasurer for any purposes other than the | |
| 474 | - | purposes of the Program. In addition, no moneys, interest, or | |
| 475 | - | other earnings paid into the Fund shall be used, temporarily | |
| 476 | - | or otherwise, for inter-fund borrowing or be otherwise used or | |
| 477 | - | appropriated except as expressly authorized by this Act. | |
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| 213 | + | SB3133 Enrolled - 7 - LRB103 36417 SPS 66519 b | |
| 214 | + | 1 days following the date that the State Treasurer takes office. | |
| 215 | + | 2 (h) Investment restrictions. An account owner may, | |
| 216 | + | 3 directly or indirectly, direct the investment of his or her | |
| 217 | + | 4 account only as provided in Section 529(b)(4) of the Internal | |
| 218 | + | 5 Revenue Code. Donors and designated beneficiaries, in those | |
| 219 | + | 6 capacities, may not, directly or indirectly, direct the | |
| 220 | + | 7 investment of an account. | |
| 221 | + | 8 (i) Distributions. Distributions from an account in the | |
| 222 | + | 9 College Savings Pool may be used for the designated | |
| 223 | + | 10 beneficiary's qualified expenses, and if not used in that | |
| 224 | + | 11 manner, may be considered a nonqualified withdrawal. Funds | |
| 225 | + | 12 contained in a College Savings Pool account may be rolled over | |
| 226 | + | 13 into: | |
| 227 | + | 14 (1) an eligible ABLE account, as defined in Section | |
| 228 | + | 15 16.6 of this Act to the extent permitted by Section 529 of | |
| 229 | + | 16 the Internal Revenue Code; , or | |
| 230 | + | 17 (2) another qualified tuition program, to the extent | |
| 231 | + | 18 permitted by Section 529 of the Internal Revenue Code; or | |
| 232 | + | 19 (3) a Roth IRA account, to the extent permitted by | |
| 233 | + | 20 Section 529 of the Internal Revenue Code. | |
| 234 | + | 21 Distributions made from the College Savings Pool may be | |
| 235 | + | 22 made directly to the eligible educational institution, | |
| 236 | + | 23 directly to a vendor, in the form of a check payable to both | |
| 237 | + | 24 the designated beneficiary and the institution or vendor, | |
| 238 | + | 25 directly to the designated beneficiary or account owner, or in | |
| 239 | + | 26 any other manner that is permissible under Section 529 of the | |
| 478 | 240 | ||
| 479 | 241 | ||
| 480 | - | Notwithstanding the requirements of this subsection (g), | |
| 481 | - | amounts in the Fund may be used by the State Treasurer to pay | |
| 482 | - | the administrative costs of the Program. | |
| 483 | - | (g-5) Fund deposits and payments. On July 15 of each year, | |
| 484 | - | beginning July 15, 2023, or as soon thereafter as practical, | |
| 485 | - | the State Comptroller shall direct and the State Treasurer | |
| 486 | - | shall transfer the sum of $2,500,000, or the amount that is | |
| 487 | - | appropriated annually by the General Assembly, whichever is | |
| 488 | - | greater, from the General Revenue Fund to the Illinois Higher | |
| 489 | - | Education Savings Program Fund to be used for the | |
| 490 | - | administration and operation of the Program. | |
| 491 | - | (h) Audits and reports. The State Treasurer shall include | |
| 492 | - | the Illinois Higher Education Savings Program as part of the | |
| 493 | - | audit of the College Savings Pool described in Section 16.5. | |
| 494 | - | The State Treasurer shall annually prepare a report that | |
| 495 | - | includes a summary of the Program operations for the preceding | |
| 496 | - | fiscal year, including the number of children enrolled in the | |
| 497 | - | Program, the total amount of seed fund deposits, the rate of | |
| 498 | - | seed deposits claimed, and, to the extent data is reported and | |
| 499 | - | available, the racial, ethnic, socioeconomic, and geographic | |
| 500 | - | data of beneficiaries and of children in financially insecure | |
| 501 | - | households who may receive automatic bonus deposits. Such | |
| 502 | - | other information that is relevant to make a full disclosure | |
| 503 | - | of the operations of the Program and Fund may also be reported. | |
| 504 | - | The report shall be made available on the Treasurer's website | |
| 505 | - | by January 31 each year, starting in January of 2024. The State | |
| 506 | 242 | ||
| 507 | 243 | ||
| 508 | - | Treasurer may include the Program in other reports as | |
| 509 | - | warranted. | |
| 510 | - | (i) Rules. The State Treasurer may adopt rules necessary | |
| 511 | - | to implement this Section. | |
| 512 | - | (Source: P.A. 102-129, eff. 7-23-21; 102-558, eff. 8-20-21; | |
| 513 | - | 102-1047, eff. 1-1-23; 103-8, eff. 6-7-23.) | |
| 244 | + | ||
| 245 | + | SB3133 Enrolled - 7 - LRB103 36417 SPS 66519 b | |
| 246 | + | ||
| 247 | + | ||
| 248 | + | SB3133 Enrolled- 8 -LRB103 36417 SPS 66519 b SB3133 Enrolled - 8 - LRB103 36417 SPS 66519 b | |
| 249 | + | SB3133 Enrolled - 8 - LRB103 36417 SPS 66519 b | |
| 250 | + | 1 Internal Revenue Code. | |
| 251 | + | 2 (j) Contributions. Contributions to the College Savings | |
| 252 | + | 3 Pool shall be as follows: | |
| 253 | + | 4 (1) Contributions to an account in the College Savings | |
| 254 | + | 5 Pool may be made only in cash. | |
| 255 | + | 6 (2) The Treasurer shall limit the contributions that | |
| 256 | + | 7 may be made to the College Savings Pool on behalf of a | |
| 257 | + | 8 designated beneficiary, as required under Section 529 of | |
| 258 | + | 9 the Internal Revenue Code, to prevent contributions for | |
| 259 | + | 10 the benefit of a designated beneficiary in excess of those | |
| 260 | + | 11 necessary to provide for the qualified expenses of the | |
| 261 | + | 12 designated beneficiary. The Pool shall not permit any | |
| 262 | + | 13 additional contributions to an account as soon as the sum | |
| 263 | + | 14 of (i) the aggregate balance in all accounts in the Pool | |
| 264 | + | 15 for the designated beneficiary and (ii) the aggregate | |
| 265 | + | 16 contributions in the Illinois Prepaid Tuition Program for | |
| 266 | + | 17 the designated beneficiary reaches the specified balance | |
| 267 | + | 18 limit established from time to time by the Treasurer. | |
| 268 | + | 19 (k) Illinois Student Assistance Commission. The Treasurer | |
| 269 | + | 20 and the Illinois Student Assistance Commission shall each | |
| 270 | + | 21 cooperate in providing each other with account information, as | |
| 271 | + | 22 necessary, to prevent contributions in excess of those | |
| 272 | + | 23 necessary to provide for the qualified expenses of the | |
| 273 | + | 24 designated beneficiary, as described in subsection (j). | |
| 274 | + | 25 The Treasurer shall work with the Illinois Student | |
| 275 | + | 26 Assistance Commission to coordinate the marketing of the | |
| 276 | + | ||
| 277 | + | ||
| 278 | + | ||
| 279 | + | ||
| 280 | + | ||
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| 283 | + | ||
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| 285 | + | SB3133 Enrolled - 9 - LRB103 36417 SPS 66519 b | |
| 286 | + | 1 College Savings Pool and the Illinois Prepaid Tuition Program | |
| 287 | + | 2 when considered beneficial by the Treasurer and the Director | |
| 288 | + | 3 of the Illinois Student Assistance Commission. | |
| 289 | + | 4 (l) Prohibition; exemption. No interest in the program, or | |
| 290 | + | 5 any portion thereof, may be used as security for a loan. Moneys | |
| 291 | + | 6 held in an account invested in the College Savings Pool shall | |
| 292 | + | 7 be exempt from all claims of the creditors of the account | |
| 293 | + | 8 owner, donor, or designated beneficiary of that account, | |
| 294 | + | 9 except for the non-exempt College Savings Pool transfers to or | |
| 295 | + | 10 from the account as defined under subsection (j) of Section | |
| 296 | + | 11 12-1001 of the Code of Civil Procedure. | |
| 297 | + | 12 (m) Taxation. The assets of the College Savings Pool and | |
| 298 | + | 13 its income and operation shall be exempt from all taxation by | |
| 299 | + | 14 the State of Illinois and any of its subdivisions. The accrued | |
| 300 | + | 15 earnings on investments in the Pool once disbursed on behalf | |
| 301 | + | 16 of a designated beneficiary shall be similarly exempt from all | |
| 302 | + | 17 taxation by the State of Illinois and its subdivisions, so | |
| 303 | + | 18 long as they are used for qualified expenses. Contributions to | |
| 304 | + | 19 a College Savings Pool account during the taxable year may be | |
| 305 | + | 20 deducted from adjusted gross income as provided in Section 203 | |
| 306 | + | 21 of the Illinois Income Tax Act. The provisions of this | |
| 307 | + | 22 paragraph are exempt from Section 250 of the Illinois Income | |
| 308 | + | 23 Tax Act. | |
| 309 | + | 24 (n) Rules. The Treasurer shall adopt rules he or she | |
| 310 | + | 25 considers necessary for the efficient administration of the | |
| 311 | + | 26 College Savings Pool. The rules shall provide whatever | |
| 312 | + | ||
| 313 | + | ||
| 314 | + | ||
| 315 | + | ||
| 316 | + | ||
| 317 | + | SB3133 Enrolled - 9 - LRB103 36417 SPS 66519 b | |
| 318 | + | ||
| 319 | + | ||
| 320 | + | SB3133 Enrolled- 10 -LRB103 36417 SPS 66519 b SB3133 Enrolled - 10 - LRB103 36417 SPS 66519 b | |
| 321 | + | SB3133 Enrolled - 10 - LRB103 36417 SPS 66519 b | |
| 322 | + | 1 additional parameters and restrictions are necessary to ensure | |
| 323 | + | 2 that the College Savings Pool meets all the requirements for a | |
| 324 | + | 3 qualified tuition program under Section 529 of the Internal | |
| 325 | + | 4 Revenue Code. | |
| 326 | + | 5 Notice of any proposed amendments to the rules and | |
| 327 | + | 6 regulations shall be provided to all account owners prior to | |
| 328 | + | 7 adoption. | |
| 329 | + | 8 (o) Bond. The State Treasurer shall give bond with at | |
| 330 | + | 9 least one surety, payable to and for the benefit of the account | |
| 331 | + | 10 owners in the College Savings Pool, in the penal sum of | |
| 332 | + | 11 $10,000,000, conditioned upon the faithful discharge of his or | |
| 333 | + | 12 her duties in relation to the College Savings Pool. | |
| 334 | + | 13 (p) The changes made to subsections (c) and (e) of this | |
| 335 | + | 14 Section by Public Act 101-26 are intended to be a restatement | |
| 336 | + | 15 and clarification of existing law. | |
| 337 | + | 16 (Source: P.A. 101-26, eff. 6-21-19; 101-81, eff. 7-12-19; | |
| 338 | + | 17 102-186, eff. 7-30-21.) | |
| 339 | + | 18 (15 ILCS 505/16.8) | |
| 340 | + | 19 Sec. 16.8. Illinois Higher Education Savings Program. | |
| 341 | + | 20 (a) Definitions. As used in this Section: | |
| 342 | + | 21 "Beneficiary" means an eligible child named as a recipient | |
| 343 | + | 22 of seed funds. | |
| 344 | + | 23 "Eligible child" means a child born or adopted after | |
| 345 | + | 24 December 31, 2022, to a parent who is a resident of Illinois at | |
| 346 | + | 25 the time of the birth or adoption, as evidenced by | |
| 347 | + | ||
| 348 | + | ||
| 349 | + | ||
| 350 | + | ||
| 351 | + | ||
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| 353 | + | ||
| 354 | + | ||
| 355 | + | SB3133 Enrolled- 11 -LRB103 36417 SPS 66519 b SB3133 Enrolled - 11 - LRB103 36417 SPS 66519 b | |
| 356 | + | SB3133 Enrolled - 11 - LRB103 36417 SPS 66519 b | |
| 357 | + | 1 documentation received by the Treasurer from the Department of | |
| 358 | + | 2 Revenue, the Department of Public Health, or another State or | |
| 359 | + | 3 local government agency, or a parent or legal guardian of the | |
| 360 | + | 4 child. | |
| 361 | + | 5 "Eligible educational institution" means institutions that | |
| 362 | + | 6 are described in Section 1001 of the federal Higher Education | |
| 363 | + | 7 Act of 1965 that are eligible to participate in Department of | |
| 364 | + | 8 Education student aid programs. | |
| 365 | + | 9 "Fund" means the Illinois Higher Education Savings Program | |
| 366 | + | 10 Fund. | |
| 367 | + | 11 "Omnibus account" means the pooled collection of seed | |
| 368 | + | 12 funds owned and managed by the State Treasurer in the College | |
| 369 | + | 13 Savings Pool under this Act. | |
| 370 | + | 14 "Program" means the Illinois Higher Education Savings | |
| 371 | + | 15 Program. | |
| 372 | + | 16 "Qualified higher education expense" means the following: | |
| 373 | + | 17 (i) tuition, fees, and the costs of books, supplies, and | |
| 374 | + | 18 equipment required for enrollment or attendance at an eligible | |
| 375 | + | 19 educational institution; (ii) expenses for special needs | |
| 376 | + | 20 services, in the case of a special needs beneficiary, which | |
| 377 | + | 21 are incurred in connection with such enrollment or attendance; | |
| 378 | + | 22 (iii) certain expenses for the purchase of computer or | |
| 379 | + | 23 peripheral equipment, computer software, or Internet access | |
| 380 | + | 24 and related services as defined under Section 529 of the | |
| 381 | + | 25 Internal Revenue Code; (iv) room and board expenses incurred | |
| 382 | + | 26 while attending an eligible educational institution at least | |
| 383 | + | ||
| 384 | + | ||
| 385 | + | ||
| 386 | + | ||
| 387 | + | ||
| 388 | + | SB3133 Enrolled - 11 - LRB103 36417 SPS 66519 b | |
| 389 | + | ||
| 390 | + | ||
| 391 | + | SB3133 Enrolled- 12 -LRB103 36417 SPS 66519 b SB3133 Enrolled - 12 - LRB103 36417 SPS 66519 b | |
| 392 | + | SB3133 Enrolled - 12 - LRB103 36417 SPS 66519 b | |
| 393 | + | 1 half-time; (v) expenses for fees, books, supplies, and | |
| 394 | + | 2 equipment required for the participation of a designated | |
| 395 | + | 3 beneficiary in an apprenticeship program registered and | |
| 396 | + | 4 certified with the Secretary of Labor under the National | |
| 397 | + | 5 Apprenticeship Act (29 U.S.C. 50); and (vi) amounts paid as | |
| 398 | + | 6 principal or interest on any qualified education loan of the | |
| 399 | + | 7 designated beneficiary or a sibling of the designated | |
| 400 | + | 8 beneficiary, as allowed under Section 529 of the Internal | |
| 401 | + | 9 Revenue Code. | |
| 402 | + | 10 "Seed funds" means the deposit made by the State Treasurer | |
| 403 | + | 11 into the Omnibus Accounts for Program beneficiaries. | |
| 404 | + | 12 (b) Program established. The State Treasurer shall | |
| 405 | + | 13 establish the Illinois Higher Education Savings Program as a | |
| 406 | + | 14 part of the College Savings Pool under Section 16.5 of this | |
| 407 | + | 15 Act, subject to appropriation by the General Assembly. The | |
| 408 | + | 16 State Treasurer shall administer the Program for the purposes | |
| 409 | + | 17 of expanding access to higher education through savings. | |
| 410 | + | 18 (c) Program enrollment. The State Treasurer shall enroll | |
| 411 | + | 19 all eligible children in the Program beginning in 2023, after | |
| 412 | + | 20 receiving records of recent births, adoptions, or dependents | |
| 413 | + | 21 from the Department of Revenue, the Department of Public | |
| 414 | + | 22 Health, or another State or local government agency designated | |
| 415 | + | 23 by the Treasurer, or documentation as may be required by the | |
| 416 | + | 24 Treasurer from a parent or legal guardian of the eligible | |
| 417 | + | 25 child. Notwithstanding any court order which would otherwise | |
| 418 | + | 26 prevent the release of information, the Department of Public | |
| 419 | + | ||
| 420 | + | ||
| 421 | + | ||
| 422 | + | ||
| 423 | + | ||
| 424 | + | SB3133 Enrolled - 12 - LRB103 36417 SPS 66519 b | |
| 425 | + | ||
| 426 | + | ||
| 427 | + | SB3133 Enrolled- 13 -LRB103 36417 SPS 66519 b SB3133 Enrolled - 13 - LRB103 36417 SPS 66519 b | |
| 428 | + | SB3133 Enrolled - 13 - LRB103 36417 SPS 66519 b | |
| 429 | + | 1 Health is authorized to release the information specified | |
| 430 | + | 2 under this subsection (c) to the State Treasurer for the | |
| 431 | + | 3 purposes of the Program established under this Section. | |
| 432 | + | 4 (1) Beginning in 2021, the Department of Public Health | |
| 433 | + | 5 shall provide the State Treasurer with information on | |
| 434 | + | 6 recent Illinois births and adoptions including, but not | |
| 435 | + | 7 limited to: the full name, residential address, birth | |
| 436 | + | 8 date, and birth record number of the child and the full | |
| 437 | + | 9 name and residential address of the child's parent or | |
| 438 | + | 10 legal guardian for the purpose of enrolling eligible | |
| 439 | + | 11 children in the Program. This data shall be provided to | |
| 440 | + | 12 the State Treasurer by the Department of Public Health on | |
| 441 | + | 13 a quarterly basis, no later than 30 days after the end of | |
| 442 | + | 14 each quarter, or some other date and frequency as mutually | |
| 443 | + | 15 agreed to by the State Treasurer and the Department of | |
| 444 | + | 16 Public Health. | |
| 445 | + | 17 (1.5) Beginning in 2021, the Department of Revenue | |
| 446 | + | 18 shall provide the State Treasurer with information on tax | |
| 447 | + | 19 filers claiming dependents or the adoption tax credit | |
| 448 | + | 20 including, but not limited to: the full name, residential | |
| 449 | + | 21 address, email address, phone number, birth date, and | |
| 450 | + | 22 social security number or taxpayer identification number | |
| 451 | + | 23 of the dependent child and of the child's parent or legal | |
| 452 | + | 24 guardian for the purpose of enrolling eligible children in | |
| 453 | + | 25 the Program. This data shall be provided to the State | |
| 454 | + | 26 Treasurer by the Department of Revenue on at least an | |
| 455 | + | ||
| 456 | + | ||
| 457 | + | ||
| 458 | + | ||
| 459 | + | ||
| 460 | + | SB3133 Enrolled - 13 - LRB103 36417 SPS 66519 b | |
| 461 | + | ||
| 462 | + | ||
| 463 | + | SB3133 Enrolled- 14 -LRB103 36417 SPS 66519 b SB3133 Enrolled - 14 - LRB103 36417 SPS 66519 b | |
| 464 | + | SB3133 Enrolled - 14 - LRB103 36417 SPS 66519 b | |
| 465 | + | 1 annual basis, by July 1 of each year or another date | |
| 466 | + | 2 jointly determined by the State Treasurer and the | |
| 467 | + | 3 Department of Revenue. Notwithstanding anything to the | |
| 468 | + | 4 contrary contained within this paragraph (2), the | |
| 469 | + | 5 Department of Revenue shall not be required to share any | |
| 470 | + | 6 information that would be contrary to federal law, | |
| 471 | + | 7 regulation, or Internal Revenue Service Publication 1075. | |
| 472 | + | 8 (2) The State Treasurer shall ensure the security and | |
| 473 | + | 9 confidentiality of the information provided by the | |
| 474 | + | 10 Department of Revenue, the Department of Public Health, or | |
| 475 | + | 11 another State or local government agency, and it shall not | |
| 476 | + | 12 be subject to release under the Freedom of Information | |
| 477 | + | 13 Act. | |
| 478 | + | 14 (3) Information provided under this Section shall only | |
| 479 | + | 15 be used by the State Treasurer for the Program and shall | |
| 480 | + | 16 not be used for any other purpose. | |
| 481 | + | 17 (4) The State Treasurer and any vendors working on the | |
| 482 | + | 18 Program shall maintain strict confidentiality of any | |
| 483 | + | 19 information provided under this Section, and shall | |
| 484 | + | 20 promptly provide written or electronic notice to the | |
| 485 | + | 21 providing agency of any security breach. The providing | |
| 486 | + | 22 State or local government agency shall remain the sole and | |
| 487 | + | 23 exclusive owner of information provided under this | |
| 488 | + | 24 Section. | |
| 489 | + | 25 (d) Seed funds. After receiving information on recent | |
| 490 | + | 26 births, adoptions, or dependents from the Department of | |
| 491 | + | ||
| 492 | + | ||
| 493 | + | ||
| 494 | + | ||
| 495 | + | ||
| 496 | + | SB3133 Enrolled - 14 - LRB103 36417 SPS 66519 b | |
| 497 | + | ||
| 498 | + | ||
| 499 | + | SB3133 Enrolled- 15 -LRB103 36417 SPS 66519 b SB3133 Enrolled - 15 - LRB103 36417 SPS 66519 b | |
| 500 | + | SB3133 Enrolled - 15 - LRB103 36417 SPS 66519 b | |
| 501 | + | 1 Revenue, the Department of Public Health, or another State or | |
| 502 | + | 2 local government agency, or documentation as may be required | |
| 503 | + | 3 by the State Treasurer from a parent or legal guardian of the | |
| 504 | + | 4 eligible child, the State Treasurer shall make deposits into | |
| 505 | + | 5 an omnibus account on behalf of eligible children. The State | |
| 506 | + | 6 Treasurer shall be the owner of the omnibus accounts. | |
| 507 | + | 7 (1) Deposit amount. The seed fund deposit for each | |
| 508 | + | 8 eligible child shall be in the amount of $50. This amount | |
| 509 | + | 9 may be increased by the State Treasurer by rule. The State | |
| 510 | + | 10 Treasurer may use or deposit funds appropriated by the | |
| 511 | + | 11 General Assembly together with moneys received as gifts, | |
| 512 | + | 12 grants, or contributions into the Fund. If insufficient | |
| 513 | + | 13 funds are available in the Fund, the State Treasurer may | |
| 514 | + | 14 reduce the deposit amount or forego deposits. | |
| 515 | + | 15 (2) Use of seed funds. Seed funds, including any | |
| 516 | + | 16 interest, dividends, and other earnings accrued, will be | |
| 517 | + | 17 eligible for use by a beneficiary for qualified higher | |
| 518 | + | 18 education expenses if: | |
| 519 | + | 19 (A) the parent or guardian of the eligible child | |
| 520 | + | 20 claimed the seed funds for the beneficiary by the | |
| 521 | + | 21 beneficiary's 10th birthday; | |
| 522 | + | 22 (B) the beneficiary has completed secondary | |
| 523 | + | 23 education or has reached the age of 18; and | |
| 524 | + | 24 (C) the beneficiary is currently a resident of the | |
| 525 | + | 25 State of Illinois. Non-residents are not eligible to | |
| 526 | + | 26 claim or use seed funds. | |
| 527 | + | ||
| 528 | + | ||
| 529 | + | ||
| 530 | + | ||
| 531 | + | ||
| 532 | + | SB3133 Enrolled - 15 - LRB103 36417 SPS 66519 b | |
| 533 | + | ||
| 534 | + | ||
| 535 | + | SB3133 Enrolled- 16 -LRB103 36417 SPS 66519 b SB3133 Enrolled - 16 - LRB103 36417 SPS 66519 b | |
| 536 | + | SB3133 Enrolled - 16 - LRB103 36417 SPS 66519 b | |
| 537 | + | 1 (3) Notice of seed fund availability. The State | |
| 538 | + | 2 Treasurer shall make a good faith effort to notify | |
| 539 | + | 3 beneficiaries and their parents or legal guardians of the | |
| 540 | + | 4 seed funds' availability and the deadline to claim such | |
| 541 | + | 5 funds. | |
| 542 | + | 6 (4) Unclaimed seed funds. Seed funds and any interest | |
| 543 | + | 7 earnings that are unclaimed by the beneficiary's 10th | |
| 544 | + | 8 birthday or unused by the beneficiary's 26th birthday will | |
| 545 | + | 9 be considered forfeited. Unclaimed and unused seed funds | |
| 546 | + | 10 and any interest earnings will remain in the omnibus | |
| 547 | + | 11 account for future beneficiaries. | |
| 548 | + | 12 (e) Financial education. The State Treasurer may develop | |
| 549 | + | 13 educational materials that support the financial literacy of | |
| 550 | + | 14 beneficiaries and their legal guardians, and may do so in | |
| 551 | + | 15 collaboration with State and federal agencies, including, but | |
| 552 | + | 16 not limited to, the Illinois State Board of Education and | |
| 553 | + | 17 existing nonprofit agencies with expertise in financial | |
| 554 | + | 18 literacy and education. | |
| 555 | + | 19 (f) Supplementary deposits and partnerships. The State | |
| 556 | + | 20 Treasurer may make supplementary deposits to children in | |
| 557 | + | 21 financially insecure households if sufficient funds are | |
| 558 | + | 22 available. Furthermore, the State Treasurer may develop | |
| 559 | + | 23 partnerships with private, nonprofit, or governmental | |
| 560 | + | 24 organizations to provide additional savings incentives, | |
| 561 | + | 25 including conditional cash transfers or matching contributions | |
| 562 | + | 26 that provide a savings incentive based on specific actions | |
| 563 | + | ||
| 564 | + | ||
| 565 | + | ||
| 566 | + | ||
| 567 | + | ||
| 568 | + | SB3133 Enrolled - 16 - LRB103 36417 SPS 66519 b | |
| 569 | + | ||
| 570 | + | ||
| 571 | + | SB3133 Enrolled- 17 -LRB103 36417 SPS 66519 b SB3133 Enrolled - 17 - LRB103 36417 SPS 66519 b | |
| 572 | + | SB3133 Enrolled - 17 - LRB103 36417 SPS 66519 b | |
| 573 | + | 1 taken or other criteria. | |
| 574 | + | 2 (g) Illinois Higher Education Savings Program Fund. The | |
| 575 | + | 3 Illinois Higher Education Savings Program Fund is hereby | |
| 576 | + | 4 established as a special fund in the State treasury. The Fund | |
| 577 | + | 5 shall be the official repository of all contributions, | |
| 578 | + | 6 appropriated funds, interest, and dividend payments, gifts, or | |
| 579 | + | 7 other financial assets received by the State Treasurer in | |
| 580 | + | 8 connection with the operation of the Program or related | |
| 581 | + | 9 partnerships. All such moneys shall be deposited into the Fund | |
| 582 | + | 10 and held by the State Treasurer as custodian thereof. The | |
| 583 | + | 11 State Treasurer may accept gifts, grants, awards, matching | |
| 584 | + | 12 contributions, interest income, and appropriated funds from | |
| 585 | + | 13 individuals, businesses, governments, and other third-party | |
| 586 | + | 14 sources to implement the Program on terms that the Treasurer | |
| 587 | + | 15 deems advisable. All interest or other earnings accruing or | |
| 588 | + | 16 received on amounts in the Illinois Higher Education Savings | |
| 589 | + | 17 Program Fund shall be credited to and retained by the Fund and | |
| 590 | + | 18 used for the benefit of the Program. Assets of the Fund must at | |
| 591 | + | 19 all times be preserved, invested, and expended only for the | |
| 592 | + | 20 purposes of the Program and must be held for the benefit of the | |
| 593 | + | 21 beneficiaries. Assets may not be transferred or used by the | |
| 594 | + | 22 State or the State Treasurer for any purposes other than the | |
| 595 | + | 23 purposes of the Program. In addition, no moneys, interest, or | |
| 596 | + | 24 other earnings paid into the Fund shall be used, temporarily | |
| 597 | + | 25 or otherwise, for inter-fund borrowing or be otherwise used or | |
| 598 | + | 26 appropriated except as expressly authorized by this Act. | |
| 599 | + | ||
| 600 | + | ||
| 601 | + | ||
| 602 | + | ||
| 603 | + | ||
| 604 | + | SB3133 Enrolled - 17 - LRB103 36417 SPS 66519 b | |
| 605 | + | ||
| 606 | + | ||
| 607 | + | SB3133 Enrolled- 18 -LRB103 36417 SPS 66519 b SB3133 Enrolled - 18 - LRB103 36417 SPS 66519 b | |
| 608 | + | SB3133 Enrolled - 18 - LRB103 36417 SPS 66519 b | |
| 609 | + | 1 Notwithstanding the requirements of this subsection (g), | |
| 610 | + | 2 amounts in the Fund may be used by the State Treasurer to pay | |
| 611 | + | 3 the administrative costs of the Program. | |
| 612 | + | 4 (g-5) Fund deposits and payments. On July 15 of each year, | |
| 613 | + | 5 beginning July 15, 2023, or as soon thereafter as practical, | |
| 614 | + | 6 the State Comptroller shall direct and the State Treasurer | |
| 615 | + | 7 shall transfer the sum of $2,500,000, or the amount that is | |
| 616 | + | 8 appropriated annually by the General Assembly, whichever is | |
| 617 | + | 9 greater, from the General Revenue Fund to the Illinois Higher | |
| 618 | + | 10 Education Savings Program Fund to be used for the | |
| 619 | + | 11 administration and operation of the Program. | |
| 620 | + | 12 (h) Audits and reports. The State Treasurer shall include | |
| 621 | + | 13 the Illinois Higher Education Savings Program as part of the | |
| 622 | + | 14 audit of the College Savings Pool described in Section 16.5. | |
| 623 | + | 15 The State Treasurer shall annually prepare a report that | |
| 624 | + | 16 includes a summary of the Program operations for the preceding | |
| 625 | + | 17 fiscal year, including the number of children enrolled in the | |
| 626 | + | 18 Program, the total amount of seed fund deposits, the rate of | |
| 627 | + | 19 seed deposits claimed, and, to the extent data is reported and | |
| 628 | + | 20 available, the racial, ethnic, socioeconomic, and geographic | |
| 629 | + | 21 data of beneficiaries and of children in financially insecure | |
| 630 | + | 22 households who may receive automatic bonus deposits. Such | |
| 631 | + | 23 other information that is relevant to make a full disclosure | |
| 632 | + | 24 of the operations of the Program and Fund may also be reported. | |
| 633 | + | 25 The report shall be made available on the Treasurer's website | |
| 634 | + | 26 by January 31 each year, starting in January of 2024. The State | |
| 635 | + | ||
| 636 | + | ||
| 637 | + | ||
| 638 | + | ||
| 639 | + | ||
| 640 | + | SB3133 Enrolled - 18 - LRB103 36417 SPS 66519 b | |
| 641 | + | ||
| 642 | + | ||
| 643 | + | SB3133 Enrolled- 19 -LRB103 36417 SPS 66519 b SB3133 Enrolled - 19 - LRB103 36417 SPS 66519 b | |
| 644 | + | SB3133 Enrolled - 19 - LRB103 36417 SPS 66519 b | |
| 645 | + | 1 Treasurer may include the Program in other reports as | |
| 646 | + | 2 warranted. | |
| 647 | + | 3 (i) Rules. The State Treasurer may adopt rules necessary | |
| 648 | + | 4 to implement this Section. | |
| 649 | + | 5 (Source: P.A. 102-129, eff. 7-23-21; 102-558, eff. 8-20-21; | |
| 650 | + | 6 102-1047, eff. 1-1-23; 103-8, eff. 6-7-23.) | |
| 651 | + | ||
| 652 | + | ||
| 653 | + | ||
| 654 | + | ||
| 655 | + | ||
| 656 | + | SB3133 Enrolled - 19 - LRB103 36417 SPS 66519 b |