Illinois HB4872 establishes the College Savings Pool, a qualified tuition program under Section 529 of the Internal Revenue Code, to help families.
Illinois HB4872 creates the College Savings Pool, administered by the State Treasurer, to assist families in saving for educational expenses. Contributions to the Pool are limited to cash and must adhere to Internal Revenue Code Section 529 restrictions. The Pool allows for investments in Illinois financial institutions to keep funds within the state. Distributions can be made for qualified expenses, including tuition, books, and special needs services. The Pool is exempt from state and local taxes.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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