HB2943 Summary

• Amends the Illinois Income Tax Act to expand the state income tax deduction for contributions to qualified tuition programs (Section 529 plans) to include any qualified tuition program under Section 529 of the Internal Revenue Code, not just in-state plans.

• Increases the maximum annual deduction from current limits to $10,000 per taxpayer per taxable year for contributions made in taxable years ending on or after December 31, 2015.

• Removes the previous restriction that limited the deduction to in-state 529 plans (College Savings Pool and Illinois Prepaid Tuition Trust Fund), allowing Illinois residents to deduct contributions to any state's qualified tuition program.

• Applies retroactively to taxable years ending on or after December 31, 2015, and takes effect immediately upon becoming law.