Illinois College Saving Plans
Illinois Annual Tuition Rates
by Jeff Flott
August 12, 2009
Individuals subject to Illinois state income tax can deduct from their taxable income up to a maximum of $10,000 per year for contributions made toward the purchase of any College Illinois! prepaid tuition contract. Married couples filing jointly can deduct up to $20,000 per year. This state tax deduction reduces the individuals' adjusted gross income (AGI) by the amount contributed up to $10,000 (or $20,000 for those filing jointly). An annual statement sent by the program to account owners each year in January summarizes the contributions made during the tax year. Illinois tax form IL-1040 requires that Schedule M be attached to take the state tax deduction. The limit on the state tax deduction applies to combined contributions to College Illinois!, the Bright Start Savings program, and the Bright Directions program.
Bright Start College Savings
Illinois offers state tax
deductions for Bright Start College Savings
contributions.
Effective with the tax year beginning January 1, 2005, for each
individual filer, up to a maximum of $10,000 in contributions
($20,000 if filing jointly) to the Program in a tax year is
deductible from state taxable income for that tax year including
the contribution portion of rollovers (but not the earnings portion
of rollovers) from other Section 529 programs.
Illinois offers state tax exemptions for earnings from Bright Start College Savings.
Illinois Public Universities 08-09 Tuition Rate
Chicago State University $8,878
Eastern Illinois University $9,262
Governors State University $8,000
Illinois State University $10,436
Northeastern Illinois University $9,498
Northern Illinois University $9,726
Southern Illinois University / Carbondale $9,807
Southern Illinois University / Edwardsville $9,199
University of Illinois at Springfield $10,632
University of Illinois at Chicago
General $11,710
Engineering $13,508
Architecture and Arts $12,806
Nursing $15,214
Business $12,710
Human Nutrition $12,340
Movement Sciences $12,710
Health Information Management $12,806
Science $12,710
University of Illinois at Urbana / Champaign
Base $12,116
Business $16,268
Chemistry and Life Sciences $16,268
Engineering $16,268
Fine & Applied Arts $13,316
Journalism $12,816
Agricultural, Consumer & Environmental Sciences I $13,212
Agricultural, Consumer & Environmental Sciences II $14,306
Western Illinois University $9,278

