Synopsis As Introduced Creates the Elder Care Savings Fund Act and amends the Illinois Income Tax Act. Authorizes the State Treasurer to establish an Elder Care Savings Fund, in which individuals may invest. Provides that income on investments in the fund are exempt from all State and local taxation, except for estate, transfer, and inheritance taxes. Directs the Governor and the Director of the Bureau of the Budget to provide for a grant program of additional financial incentives to encourage persons' use of their investments in the fund for various types of long-term care. Requires the Treasurer, in cooperation with the Department on Aging and area agencies on aging, to develop a public education program concerning the financing of long-term health care. Creates the Elder Care Trust Authority to advise the Elder Care Savings Fund staff and to assess the program's effectiveness. Effective immediately.