IL HB1564

Prohibits the Department of Commerce and Economic Opportunity from entering into any new agreements under the Economic Development for a Growing Economy (EDGE) Tax Credit Act on or after the effective date of this act, effectively ending the program for new applicants.

Creates the Foster Homes and Specialized Foster Care Fund in the State Treasury to provide specialized care services to children in subsidized guardianship or adoption assistance arrangements with emotional, behavioral, developmental, or medical needs.

Mandates annual transfers from the General Revenue Fund to the Foster Homes and Specialized Foster Care Fund, starting at $5,000,000 and increasing by $5,000,000 each year until reaching $50,000,000 annually.

Creates the Permanent Unpaid Bill Repayment Fund to receive any unexpended moneys from the Foster Homes and Specialized Foster Care Fund, which shall be used to pay bona fide creditors of the State.

Takes effect immediately upon becoming law.