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IL HJR0069

Joint Resolution

Status

Engrossed

5/27/2019

Primary Sponsor

Norine Hammond

Click for details

Origin

House of Representatives

101st General Assembly

AI Summary

  • Declares May 29, 2019 as "529 College Savings Day" in Illinois to raise awareness about college savings plans

  • Illinois Treasurer administers two 529 plans: Bright Start College Savings Plan (Gold-rated by Morningstar in 2018) and Bright Directions College Savings Plan (Silver-rated)

  • Illinois residents can claim state tax deductions on contributions up to $10,000 annually ($20,000 for married couples filing jointly) to any 529 plan

  • Highlights rising college costs: Illinois public university tuition increased from $4,160 in 2000 to $15,182 in 2018; private university tuition rose from $15,625 to $36,747

  • Notes that over 1.6 million Illinois residents hold more than $52 billion in student loan debt, and urges Illinoisans to explore 529 plan benefits to reduce future debt burdens

Legislative Description

529 COLLEGE SAVINGS DAY

Last Action

Referred to Assignments

5/28/2019

Committee Referrals

Assignments5/28/2019
Higher Education5/14/2019
Rules5/7/2019

Full Bill Text

No bill text available