FOR IMMEDIATE RELEASE CONTACT:Roger Germann
May 26, 1999 217/782-1319
Topinka’s Bill Helps Illinois Families Save For College
General Assembly passes unanimously – goes to Governor
(SPRINGFIELD, IL) – Illinois State Treasurer Judy Baar Topinka today announced the
passage of her College Savings Pool program by the Illinois General Assembly, sending
the measure to Governor Ryan for his expected signature.
The Illinois House passed the bill by a vote of 114-0, following the Senate’s
unanimous support during last evening’s session.
“This program will finally give Illinois residents a choice. By taking advantage of
federal tax breaks, no matter their socio-economic status, families will have an easier
time sending their children to college, a trade school or even Harvard Law School,”
Topinka said. “It’s time to stop borrowing and start saving. By planning ahead, working
families can break the cycle of educational debt that often times financially devastate
both students and their families. This program does just that.”
Topinka praised leaders and members from both the House and Senate for their
vision in the matter, and personally thanked state Sen. Frank Watson (R-Carlyle) for his
leadership in getting the initiative passed. Sixteen other states have a similar program
with several others currently considering the same proposal.
According to Topinka, participating in the program is as easy as going to their
local financial institution to open a College Savings Pool account. Each individual
account has a contribution limit of $100,000 and is taxed upon withdrawal based on the
student’s tax bracket – as opposed to the parents.
From the Office of State Treasurer JUDY BAAR TOPINKA