Ill. Admin. Code tit. 23, § 2500.90 - Account Limits
a) The Treasurer
shall limit the contributions that may be made to the Pool on behalf of a
designated beneficiary to prevent contributions in excess of those necessary to
provide for the qualified expenses of the designated beneficiary. The account
balance limit will be reflected on the Treasurer's website or in another form
that provides adequate notice to account owners. No donor may make a
contribution to an account for a designated beneficiary if that contribution
would cause the aggregate balance of all accounts for the designated
beneficiary in State of Illinois section 529 programs to exceed the account
balance limit established by the Treasurer. For purposes of the account balance
limit, the aggregate balance shall be comprised of all accounts under all
section 529 qualified tuition programs in the State of Illinois for a
particular designated beneficiary. An account may only exceed the account
balance limit in the event that investment earnings accrue after the last
permitted contribution. The Treasurer may, from time to time, adjust the
account balance limit.
b) Account
Balance Limit Calculation
When adjusting the account balance limit, the Treasurer will consider the following:
1) Estimates
of tuition, fees, books, supplies, equipment, and room and board as set forth
in the cost of attendance for an undergraduate, graduate and professional
degree from at least 12 eligible educational institutions, including at least
two public and two private eligible educational institutions reasonably
believed to have the highest cost qualified expenses in:
A) Illinois;
B) the Midwest; and
C) nationally.
2) The guidance available from the United
States Treasury and the Internal Revenue Service on how an account balance
limit may be determined to provide adequate safeguards to prevent contributions
on behalf of a designated beneficiary in excess of those necessary to provide
for the qualified expenses of the designated beneficiary.
Notes
Amended at 26 Ill. Reg. 3747, effective February 20, 2002
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