SB3781 Summary

• Amends the Illinois Prepaid Tuition Act by modifying Section 55 concerning tax exemptions.
• Makes a technical change to the language in the tax exemption section (changes "The" to "The" at the beginning of the section).
• Maintains existing provisions that exempt Illinois Prepaid Tuition Trust Fund assets and income from all state and local taxation.
• Preserves the exemption of accrued earnings from prepaid tuition contracts when disbursed for eligible beneficiaries' educational purposes.
• Introduced February 14, 2020 by Senator Scott M. Bennett.