GARRETT-RYAN-MCKEON-LANG-FORBY, FOWLER, JONES,SHIRLEY, KENNER AND O'BRIEN. New Act 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 (State Treasurer) HB 338 will have an impact on the State's resources the first fiscal year. The program is planned to eventually be self- sufficient. However, there will be some start-up costs for which an estimate cannot be made. If the program is popular from day one with several depositors, it will generate enough fees to offset most of the start-up costs. If the program gets off to a slow start, the cap of $10,000 will not cover all of the start-up costs. At a $2,000,000 fund balance, it is expec- ted that a total of $20,000 would be needed besides the earn- ings on the fund. At a $10,000,000 fund balance, the earnings on the fund should pay all the administrative expenses and start-up costs. However, the remaining earnings will not pro- vide a competitive rate of return for participants. As the fund grows, the rate of the administrative cost drops and the participants can receive a greater rate of return. The Treas- urer's Office cannot make an estimate for the grant portion of the bill. JAN-30-2001 H FILED WITH CLERK JAN-30-2001 H FIRST READING JAN-30-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-06-2001 H ADDED AS A JOINT SPONSOR RYAN FEB-06-2001 H ASSIGNED TO COMMITTEE REVENUE FEB-07-2001 H ADDED AS A JOINT SPONSOR MCKEON FEB-07-2001 H ADDED AS A JOINT SPONSOR LANG FEB-07-2001 H ADDED AS A JOINT SPONSOR FORBY FEB-07-2001 H ADDED AS A CO-SPONSOR FOWLER FEB-09-2001 H ADDED AS A CO-SPONSOR JONES,SHIRLEY FEB-14-2001 H FISCAL NOTE FILED FEB-14-2001 H COMMITTEE REVENUE FEB-22-2001 H ADDED AS A CO-SPONSOR HOWARD FEB-22-2001 H ADDED AS A CO-SPONSOR KENNER MAR-01-2001 H ADDED AS A CO-SPONSOR O'BRIEN MAR-16-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary