Bill Status of HB 50   93rd General Assembly

Short Description:  ELDER CARE SAVINGS FUND ACT

House Sponsors
Rep. Lou Lang-Robert F. Flider-Gary Forby-Jay C. Hoffman-Brandon W. Phelps, Sara Feigenholtz, Harry Osterman, Julie Hamos, Constance A. Howard, Jack McGuire, Dan Reitz, Naomi D. Jakobsson, John A. Fritchey, Carolyn H. Krause, Mike Boland, Kenneth Dunkin, Karen A. Yarbrough, Susana Mendoza, Maria Antonia Berrios, Linda Chapa LaVia, Edward J. Acevedo and Michael K. Smith

Last Action  View All Actions

DateChamber Action
  1/11/2005HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act

Synopsis As Introduced
Creates the Elder Care Savings Fund Act. Authorizes the State Treasurer to establish an Elder Care Savings Fund. Allows Illinois residents to invest in the fund and provides that investors' earnings are exempt from taxes other than estate, transfer, and inheritance taxes. Provides for a program of grants, using moneys in the fund, to be applied to costs of long-term care or services. Requires the State Treasurer to implement a program to inform residents about options available for financing long-term care. Creates an Elder Care Trust Authority to advise the Elder Care Savings Fund staff and perform other functions. Effective immediately.

 Fiscal Note (Illinois Department of Revenue)
 While a fiscal impact will be created due to the fact that investment income is exempt from taxation, it is possible money invested in the Elder Care Savings Fund would have been invested in some other tax-exempt investment plan.

Actions 
DateChamber Action
  12/18/2002HousePrefiled with Clerk by Rep. Lou Lang
  1/8/2003HouseFirst Reading
  1/8/2003HouseReferred to Rules Committee
  1/22/2003HouseAdded Chief Co-Sponsor Rep. Gary Forby
  1/22/2003HouseAdded Chief Co-Sponsor Rep. Jay C. Hoffman
  1/22/2003HouseAdded Chief Co-Sponsor Rep. Brandon W. Phelps
  1/23/2003HouseAssigned to Revenue Committee
  1/30/2003HouseAdded Chief Co-Sponsor Rep. Robert F. Flider
  1/30/2003HouseAdded Co-Sponsor Rep. Sara Feigenholtz
  1/30/2003HouseAdded Co-Sponsor Rep. Harry Osterman
  1/30/2003HouseAdded Co-Sponsor Rep. Julie Hamos
  1/30/2003HouseAdded Co-Sponsor Rep. Constance A. Howard
  1/30/2003HouseAdded Co-Sponsor Rep. Jack McGuire
  1/30/2003HouseAdded Co-Sponsor Rep. Dan Reitz
  1/30/2003HouseAdded Co-Sponsor Rep. Naomi D. Jakobsson
  2/4/2003HouseAdded Co-Sponsor Rep. John A. Fritchey
  2/5/2003HouseFiscal Note Filed
  2/19/2003HouseAdded Co-Sponsor Rep. Carolyn H. Krause
  2/21/2003HouseAdded Co-Sponsor Rep. Mike Boland
  2/21/2003HouseAdded Co-Sponsor Rep. Kenneth Dunkin
  2/27/2003HouseAdded Co-Sponsor Rep. Karen A. Yarbrough
  3/5/2003HouseAdded Co-Sponsor Rep. Susana Mendoza
  3/5/2003HouseAdded Co-Sponsor Rep. Maria Antonia Berrios
  3/5/2003HouseAdded Co-Sponsor Rep. Linda Chapa LaVia
  3/5/2003HouseAdded Co-Sponsor Rep. Edward J. Acevedo
  3/13/2003HouseRule 19(a) / Re-referred to Rules Committee
  3/19/2003HouseAdded Co-Sponsor Rep. Michael K. Smith
  1/11/2005HouseSession Sine Die

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