HB5327 Summary

• Creates a tax checkoff on Illinois individual income tax forms for taxable years ending on or after December 31, 2014, allowing taxpayers to contribute at least $1 to the Illinois DREAM Fund.

• Contributions reduce the taxpayer's refund or increase the amount of payment owed, and failure to remit increased payment reduces the contribution accordingly.

• Establishes the Illinois DREAM Fund Commission within the Illinois Student Assistance Commission, comprising 9 members appointed by the Governor with Senate consent, to administer scholarships for children of immigrants.

• Funds the Illinois DREAM Fund through private contributions and moneys from the tax checkoff to provide scholarships to students who are children of immigrants, have attended Illinois schools for at least 3 years, and have graduated from an Illinois high school.

• Takes effect immediately upon becoming law.