IL HB3498

Establishes a free tuition program through the Illinois Community College Board providing tuition coverage for the first 1,500 students per year at each designated community college, funded by a Community College Free Tuition Trust Fund.

Designates 16 community colleges to participate in the program on a rotating 2-year schedule determined by the Illinois Community College Board.

Creates the Community College Free Tuition Trust Fund as a nonappropriated trust fund held outside the State Treasury, with the Board determining contribution amounts from banks and credit unions.

Requires all banks under the Illinois Banking Act to pay into the Community College Free Tuition Trust Fund as determined by the State Board.

Requires all credit unions under the Illinois Credit Union Act to pay into the Community College Free Tuition Trust Fund as determined by the State Board.