SB 905 Illinois Senate · 93rd Regular Session

ELDER CARE SAVINGS FUND ACT

Summary

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.

Bill status failed 1 of 4 stages cleared

Introduction

Feb 2003

Committee Review

Floor Vote

Governor

Introduced Feb 19, 2003 Last action Jan 11, 2005

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jan 11, 2005

Senate · Failed

Session Sine Die

Mar 14, 2003

Senate · Referred to committee

Rule 3-9(a) / Re-referred to Rules

Mar 12, 2003

Senate · Referred to committee

Senate Committee Amendment No. 1 Referred to Rules

Mar 12, 2003

Senate · Amendment offered

Senate Committee Amendment No. 1 Filed with Secretary by Sen. Susan Garrett

Feb 26, 2003

Senate · Referred to committee

Assigned to Financial Institutions

Feb 19, 2003

Senate · Referred to committee

Referred to Rules

0 primary · 1 co-sponsor