IL HB4427

Creates the Prison Education Fund to provide grants to prison education programs that award associate or bachelor's degrees to currently incarcerated students

Allocates 0.5% of Cannabis Regulation Fund revenues (after administrative costs and expungement fund transfers) to the new Prison Education Fund

Reduces the General Revenue Fund allocation from cannabis tax revenues from 35% to 34.5% to offset the new prison education allocation

Grants administered jointly by the Illinois Community College Board and Illinois Board of Higher Education, with eligible programs limited to public and private non-profit colleges and universities

Caps grant funding at $2,000 per enrolled student, with excess and undistributed funds transferred annually to the General Revenue Fund