IL SB2966

Amends the State Treasurer Act to expand "qualified expenses" under the College Savings Pool to include tuition expenses for elementary and secondary public, private, or religious schools, as allowed under Section 529 of the Internal Revenue Code.

Allows account owners to withdraw funds from College Savings Pool accounts to pay for K-12 school tuition in addition to the existing higher education expenses previously covered.

Makes the amendment effective immediately upon becoming law.

Aligns Illinois law with federal tax code provisions that permit 529 education savings plans to be used for pre-college education expenses.