IL HB0573

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 eligible children born or adopted after December 31, 2022.

Seed funds and accrued earnings are available for qualified higher education expenses if claimed by the beneficiary's 10th birthday and used by age 26, including tuition, room and board, apprenticeship program fees, and qualified education loan repayment.

Creates the Illinois Higher Education Savings Program Fund as a special state treasury fund to hold contributions, appropriated funds, gifts, grants, and earnings, which can only be used for program purposes and not for inter-fund borrowing or other state uses.

Requires the Department of Public Health and Department of Revenue to provide the State Treasurer with information on births, adoptions, and tax dependents beginning in 2021 on a quarterly or annual basis to automatically enroll eligible children; protects data confidentiality and restricts use to program administration only.

Permits the State Treasurer to develop financial education materials, establish partnerships for savings incentives, and requires annual reporting to the Treasurer's website by January 31 each year starting in 2024.