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.