HB4763 Summary

• Amends the Illinois Income Tax Act to expand the Section 529 qualified tuition program deduction to allow contributions to any qualified tuition program under Section 529 of the Internal Revenue Code, not just in-state plans.

• Creates a maximum annual deduction of $10,000 per taxpayer for contributions made to any qualified tuition program for taxable years ending on or after December 31, 2015.

• Previously, the deduction applied only to contributions made to Illinois in-state 529 plans (College Savings Pool and Illinois Prepaid Tuition Trust Fund) through December 31, 2014.

• Maintains existing restrictions and exclusions related to out-of-state plan disclosure requirements and beneficiary eligibility.

• Takes effect immediately upon becoming law.