HB4615 Summary

• Establishes the Illinois Higher Education Savings Program as part of the College Savings Pool, with the State Treasurer depositing $50 seed funds into omnibus accounts for each eligible child born or adopted after December 31, 2020, to Illinois resident parents.

• Requires the Department of Public Health to provide quarterly birth and adoption data to the State Treasurer beginning in 2021, and the Department of Revenue to provide annual tax filer data beginning in 2022, for program enrollment purposes.

• Creates the Illinois Higher Education Savings Program Fund as a special fund in the State treasury to hold contributions, appropriations, and earnings; allows the State Treasurer to deposit up to $10,000,000 from investment earnings if prior year earnings exceed $100,000,000.

• Permits beneficiaries to use seed funds plus accrued earnings for qualified higher education expenses, apprenticeship programs, and student loan repayment if claimed by age 10 and beneficiary remains an Illinois resident; unclaimed funds by age 10 or unused by age 26 are forfeited and recycled for future beneficiaries.

• Authorizes the Director of Revenue to exchange tax information with the State Treasurer's Office for program administration, with strict confidentiality protections and restrictions on use outside the program.