SB 1277

Abstract

Creates the Developmental Disability Savings Pool Act and amends the Illinois Income Tax Act. Requires the State Treasurer to establish and administer a Developmental Disability Savings Pool to supplement and enhance the investment opportunities otherwise available to persons seeking to finance the future care and maintenance of a beneficiary who suffers from a developmental disability. Sets forth requirements for the savings pool. Provides that assets of the Developmental Disability Savings Pool and its income are exempt from all taxation by the State of Illinois and any of its subdivisions and the distributions from the savings pool are exempt so long as they are used for the qualified care and maintenance of the designated beneficiary. Amends the Illinois Income Tax Act to create deductions for taxpayers who are individuals or trusts or estates for contributions to, interest earned on, and distributions from the Developmental Disability Savings Pool. Exempts these deductions from the Act's sunset provisions. Effective immediately.