IL HB4720

Establishes the Illinois Higher Education Savings Program, administered by the State Treasurer as part of the College Savings Pool, to expand access to higher education through automatic savings accounts for eligible children.

Automatically enrolls all children born or adopted after December 31, 2022, to Illinois resident parents, with enrollment data provided by the Department of Public Health and Department of Revenue on a quarterly and annual basis respectively.

Deposits $50 seed funds into omnibus accounts for each eligible child, with funds usable for qualified higher education expenses if claimed by the beneficiary's 10th birthday and used by age 26.

Provides supplementary deposits of $50 (or more by rule) to beneficiaries whose parents have adjusted gross income below the Illinois median household income, beginning July 1, 2024, limited to one deposit per beneficiary.

Appropriates minimum $2,500,000 annually from the General Revenue Fund starting July 15, 2023, to establish and operate the Illinois Higher Education Savings Program Fund, with all assets restricted to program purposes and prohibited from inter-fund borrowing.