IL HB5615

Establishes the Education Scholarship Account as a qualified tuition program under Section 529 of the Internal Revenue Code, administered by the State Treasurer with one or more college savings programs.

Defines "qualified expenses" broadly to include tuition, examination fees, educational services for students with disabilities, occupational therapy, training programs, and post-secondary education costs, among other education-related expenditures.

Permits account owners (individuals, trustees, custodians, and legal entities) to open accounts for designated beneficiaries, with both in-state and out-of-state persons eligible as account owners and beneficiaries.

Requires the Treasurer and State Board of Education to cooperate in preventing excessive contributions and coordinating marketing of the Education Scholarship Account and Illinois Prepaid Tuition Program.

Exempts account assets, earnings, and operations from state and local taxation; allows contributions to be deducted from adjusted gross income; and protects account funds from creditor claims with limited exceptions.