Bill Status of SB0905  93rd General Assembly

Short Description:  ELDER CARE SAVINGS FUND ACT

Senate Sponsors
Sen. Susan Garrett

Last Action
DateChamber Action
  1/11/2005SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/203from Ch. 120, par. 2-203


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.

Actions 
DateChamber Action
  2/19/2003SenateFiled with Secretary by Sen. Susan Garrett
  2/19/2003SenateFirst Reading
  2/19/2003SenateReferred to Rules
  2/26/2003SenateAssigned to Financial Institutions
  3/6/2003SenatePostponed - Financial Institutions
  3/12/2003SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Susan Garrett
  3/12/2003SenateSenate Committee Amendment No. 1 Referred to Rules
  3/13/2003SenatePostponed - Financial Institutions
  3/14/2003SenateRule 3-9(a) / Re-referred to Rules
  1/11/2005SenateSession Sine Die