HB3413 Summary

• Creates the Illinois Teacher Loan Repayment Fund as a special state treasury fund to accept donations and gifts for teacher loan repayment assistance.

• Establishes the Illinois Teachers and Child Care Providers Loan Repayment Program, allowing the Illinois Student Assistance Commission to award grants to qualified teachers and child care providers who had federal loans forgiven under specific federal programs.

• Adds a tax deduction for individuals, trusts, estates, partnerships, and corporations for donations made to the Illinois Teacher Loan Repayment Fund during the taxable year, effective for tax years ending December 31, 2019 and thereafter.

• Grants may cover up to $5,000 per qualified applicant who had educational loans forgiven under federal loan forgiveness provisions and meets residency and citizenship requirements.

• Takes effect immediately upon becoming law.