Sen. Suzy Glowiak Hilton (D-Western Springs) | Facebook
Sen. Suzy Glowiak Hilton (D-Western Springs) | Facebook
Illinois state Sen. Suzy Glowiak Hilton (D-Western Springs) has advanced a bill that will allow residents to deposit inheritance into qualified tuition programs.
Hilton said she hopes that House Bill 814 will allow Illinoisans' to think about higher education for their future.
"House Bill 814 passed the Senate Judiciary Committee today to allow residents to deposit inheritance into qualified tuition plans," Glowiak Hilton said in a May 11 Facebook post. "By allowing residents to use inheritance for higher education costs without barriers from the state, we hope to encourage more students to think about attending college."
In a news release by Glowiak Hilton, she said that expanding qualified tuition programs would also support working families. Higher education is critical to economic prosperity, not only for families but also for the state and country. Eligible tuition programs would allow contributors to support a beneficiary's high education expenses, and earnings accumulated would be tax-free while in an account, the release said.
The Probate Act of 1975 does allow for estates to be deposited if "it's practical and only consists funds," the release said. With HB 814, Hilton proposed to expand the current law allowing estates of late family members to be deposited into qualified tuition programs without further obstacles from the state.
HB 814 has passed the Senate Judiciary Committee and will move on for further consideration by the Senate.