Illinois 2023-2024 Regular Session

Illinois House Bill HB4720 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	Public Act 103-0604
2	1		HB4720 EnrolledLRB103 37881 SPS 68012 b HB4720 Enrolled LRB103 37881 SPS 68012 b
3	2		HB4720 Enrolled LRB103 37881 SPS 68012 b
4		-	AN ACT concerning State government.
5		-	Be it enacted by the People of the State of Illinois,
6		-	represented in the General Assembly:
7		-	Section 5. The State Treasurer Act is amended by changing
8		-	Section 16.8 as follows:
9		-	(15 ILCS 505/16.8)
10		-	Sec. 16.8. Illinois Higher Education Savings Program.
11		-	(a) Definitions. As used in this Section:
12		-	"Beneficiary" means an eligible child named as a recipient
13		-	of seed funds.
14		-	"Eligible child" means a child born or adopted after
15		-	December 31, 2022, to a parent who is a resident of Illinois at
16		-	the time of the birth or adoption, as evidenced by
17		-	documentation received by the Treasurer from the Department of
18		-	Revenue, the Department of Public Health, or another State or
19		-	local government agency.
20		-	"Eligible educational institution" means institutions that
21		-	are described in Section 1001 of the federal Higher Education
22		-	Act of 1965 that are eligible to participate in Department of
23		-	Education student aid programs.
24		-	"Fund" means the Illinois Higher Education Savings Program
25		-	Fund.
26		-	"Omnibus account" means the pooled collection of seed
	3	+	1 AN ACT concerning State government.
	4	+	2 Be it enacted by the People of the State of Illinois,
	5	+	3 represented in the General Assembly:
	6	+	4 Section 5. The State Treasurer Act is amended by changing
	7	+	5 Section 16.8 as follows:
	8	+	6 (15 ILCS 505/16.8)
	9	+	7 Sec. 16.8. Illinois Higher Education Savings Program.
	10	+	8 (a) Definitions. As used in this Section:
	11	+	9 "Beneficiary" means an eligible child named as a recipient
	12	+	10 of seed funds.
	13	+	11 "Eligible child" means a child born or adopted after
	14	+	12 December 31, 2022, to a parent who is a resident of Illinois at
	15	+	13 the time of the birth or adoption, as evidenced by
	16	+	14 documentation received by the Treasurer from the Department of
	17	+	15 Revenue, the Department of Public Health, or another State or
	18	+	16 local government agency.
	19	+	17 "Eligible educational institution" means institutions that
	20	+	18 are described in Section 1001 of the federal Higher Education
	21	+	19 Act of 1965 that are eligible to participate in Department of
	22	+	20 Education student aid programs.
	23	+	21 "Fund" means the Illinois Higher Education Savings Program
	24	+	22 Fund.
	25	+	23 "Omnibus account" means the pooled collection of seed
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28	27
29	28
30	29		HB4720 Enrolled LRB103 37881 SPS 68012 b
31	30
32	31
33		-	funds owned and managed by the State Treasurer in the College
34		-	Savings Pool under this Act.
35		-	"Program" means the Illinois Higher Education Savings
36		-	Program.
37		-	"Qualified higher education expense" means the following:
38		-	(i) tuition, fees, and the costs of books, supplies, and
39		-	equipment required for enrollment or attendance at an eligible
40		-	educational institution; (ii) expenses for special needs
41		-	services, in the case of a special needs beneficiary, which
42		-	are incurred in connection with such enrollment or attendance;
43		-	(iii) certain expenses for the purchase of computer or
44		-	peripheral equipment, computer software, or Internet access
45		-	and related services as defined under Section 529 of the
46		-	Internal Revenue Code; (iv) room and board expenses incurred
47		-	while attending an eligible educational institution at least
48		-	half-time; (v) expenses for fees, books, supplies, and
49		-	equipment required for the participation of a designated
50		-	beneficiary in an apprenticeship program registered and
51		-	certified with the Secretary of Labor under the National
52		-	Apprenticeship Act (29 U.S.C. 50); and (vi) amounts paid as
53		-	principal or interest on any qualified education loan of the
54		-	designated beneficiary or a sibling of the designated
55		-	beneficiary, as allowed under Section 529 of the Internal
56		-	Revenue Code.
57		-	"Seed funds" means the deposit made by the State Treasurer
58		-	into the Omnibus Accounts for Program beneficiaries.
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	34	+	1 funds owned and managed by the State Treasurer in the College
	35	+	2 Savings Pool under this Act.
	36	+	3 "Program" means the Illinois Higher Education Savings
	37	+	4 Program.
	38	+	5 "Qualified higher education expense" means the following:
	39	+	6 (i) tuition, fees, and the costs of books, supplies, and
	40	+	7 equipment required for enrollment or attendance at an eligible
	41	+	8 educational institution; (ii) expenses for special needs
	42	+	9 services, in the case of a special needs beneficiary, which
	43	+	10 are incurred in connection with such enrollment or attendance;
	44	+	11 (iii) certain expenses for the purchase of computer or
	45	+	12 peripheral equipment, computer software, or Internet access
	46	+	13 and related services as defined under Section 529 of the
	47	+	14 Internal Revenue Code; (iv) room and board expenses incurred
	48	+	15 while attending an eligible educational institution at least
	49	+	16 half-time; (v) expenses for fees, books, supplies, and
	50	+	17 equipment required for the participation of a designated
	51	+	18 beneficiary in an apprenticeship program registered and
	52	+	19 certified with the Secretary of Labor under the National
	53	+	20 Apprenticeship Act (29 U.S.C. 50); and (vi) amounts paid as
	54	+	21 principal or interest on any qualified education loan of the
	55	+	22 designated beneficiary or a sibling of the designated
	56	+	23 beneficiary, as allowed under Section 529 of the Internal
	57	+	24 Revenue Code.
	58	+	25 "Seed funds" means the deposit made by the State Treasurer
	59	+	26 into the Omnibus Accounts for Program beneficiaries.
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61		-	(b) Program established. The State Treasurer shall
62		-	establish the Illinois Higher Education Savings Program as a
63		-	part of the College Savings Pool under Section 16.5 of this
64		-	Act, subject to appropriation by the General Assembly. The
65		-	State Treasurer shall administer the Program for the purposes
66		-	of expanding access to higher education through savings.
67		-	(c) Program enrollment. The State Treasurer shall enroll
68		-	all eligible children in the Program beginning in 2023, after
69		-	receiving records of recent births, adoptions, or dependents
70		-	from the Department of Revenue, the Department of Public
71		-	Health, or another State or local government agency designated
72		-	by the Treasurer. Notwithstanding any court order which would
73		-	otherwise prevent the release of information, the Department
74		-	of Public Health is authorized to release the information
75		-	specified under this subsection (c) to the State Treasurer for
76		-	the purposes of the Program established under this Section.
77		-	(1) Beginning in 2021, the Department of Public Health
78		-	shall provide the State Treasurer with information on
79		-	recent Illinois births and adoptions including, but not
80		-	limited to: the full name, residential address, birth
81		-	date, and birth record number of the child and the full
82		-	name and residential address of the child's parent or
83		-	legal guardian for the purpose of enrolling eligible
84		-	children in the Program. This data shall be provided to
85		-	the State Treasurer by the Department of Public Health on
86		-	a quarterly basis, no later than 30 days after the end of
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88	63
89		-	each quarter, or some other date and frequency as mutually
90		-	agreed to by the State Treasurer and the Department of
91		-	Public Health.
92		-	(1.5) Beginning in 2021, the Department of Revenue
93		-	shall provide the State Treasurer with information on tax
94		-	filers claiming dependents or the adoption tax credit
95		-	including, but not limited to: the full name, residential
96		-	address, email address, phone number, birth date, and
97		-	social security number or taxpayer identification number
98		-	of the dependent child and of the child's parent or legal
99		-	guardian for the purpose of enrolling eligible children in
100		-	the Program. Beginning July 1, 2024, the Department of
101		-	Revenue shall provide the State Treasurer with the
102		-	adjusted gross income of tax filers claiming dependents or
103		-	the adoption tax credit. This data shall be provided to
104		-	the State Treasurer by the Department of Revenue on at
105		-	least an annual basis, by July 1 of each year or another
106		-	date jointly determined by the State Treasurer and the
107		-	Department of Revenue. Notwithstanding anything to the
108		-	contrary contained within this paragraph (2), the
109		-	Department of Revenue shall not be required to share any
110		-	information that would be contrary to federal law,
111		-	regulation, or Internal Revenue Service Publication 1075.
112		-	(2) The State Treasurer shall ensure the security and
113		-	confidentiality of the information provided by the
114		-	Department of Revenue, the Department of Public Health, or
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117		-	another State or local government agency, and it shall not
118		-	be subject to release under the Freedom of Information
119		-	Act.
120		-	(3) Information provided under this Section shall only
121		-	be used by the State Treasurer for the Program and shall
122		-	not be used for any other purpose.
123		-	(4) The State Treasurer and any vendors working on the
124		-	Program shall maintain strict confidentiality of any
125		-	information provided under this Section, and shall
126		-	promptly provide written or electronic notice to the
127		-	providing agency of any security breach. The providing
128		-	State or local government agency shall remain the sole and
129		-	exclusive owner of information provided under this
130		-	Section.
131		-	(d) Seed funds. After receiving information on recent
132		-	births, adoptions, or dependents from the Department of
133		-	Revenue, the Department of Public Health, or another State or
134		-	local government agency, the State Treasurer shall make
135		-	deposits into an omnibus account on behalf of eligible
136		-	children. The State Treasurer shall be the owner of the
137		-	omnibus accounts.
138		-	(1) Deposit amount. The seed fund deposit for each
139		-	eligible child shall be in the amount of $50. This amount
140		-	may be increased by the State Treasurer by rule. The State
141		-	Treasurer may use or deposit funds appropriated by the
142		-	General Assembly together with moneys received as gifts,
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	70	+	1 (b) Program established. The State Treasurer shall
	71	+	2 establish the Illinois Higher Education Savings Program as a
	72	+	3 part of the College Savings Pool under Section 16.5 of this
	73	+	4 Act, subject to appropriation by the General Assembly. The
	74	+	5 State Treasurer shall administer the Program for the purposes
	75	+	6 of expanding access to higher education through savings.
	76	+	7 (c) Program enrollment. The State Treasurer shall enroll
	77	+	8 all eligible children in the Program beginning in 2023, after
	78	+	9 receiving records of recent births, adoptions, or dependents
	79	+	10 from the Department of Revenue, the Department of Public
	80	+	11 Health, or another State or local government agency designated
	81	+	12 by the Treasurer. Notwithstanding any court order which would
	82	+	13 otherwise prevent the release of information, the Department
	83	+	14 of Public Health is authorized to release the information
	84	+	15 specified under this subsection (c) to the State Treasurer for
	85	+	16 the purposes of the Program established under this Section.
	86	+	17 (1) Beginning in 2021, the Department of Public Health
	87	+	18 shall provide the State Treasurer with information on
	88	+	19 recent Illinois births and adoptions including, but not
	89	+	20 limited to: the full name, residential address, birth
	90	+	21 date, and birth record number of the child and the full
	91	+	22 name and residential address of the child's parent or
	92	+	23 legal guardian for the purpose of enrolling eligible
	93	+	24 children in the Program. This data shall be provided to
	94	+	25 the State Treasurer by the Department of Public Health on
	95	+	26 a quarterly basis, no later than 30 days after the end of
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145		-	grants, or contributions into the Fund. If insufficient
146		-	funds are available in the Fund, the State Treasurer may
147		-	reduce the deposit amount or forego deposits.
148		-	(2) Use of seed funds. Seed funds, including any
149		-	interest, dividends, and other earnings accrued, will be
150		-	eligible for use by a beneficiary for qualified higher
151		-	education expenses if:
152		-	(A) the parent or guardian of the eligible child
153		-	claimed the seed funds for the beneficiary by the
154		-	beneficiary's 10th birthday;
155		-	(B) the beneficiary has completed secondary
156		-	education or has reached the age of 18; and
157		-	(C) the beneficiary is currently a resident of the
158		-	State of Illinois. Non-residents are not eligible to
159		-	claim or use seed funds.
160		-	(3) Notice of seed fund availability. The State
161		-	Treasurer shall make a good faith effort to notify
162		-	beneficiaries and their parents or legal guardians of the
163		-	seed funds' availability and the deadline to claim such
164		-	funds.
165		-	(4) Unclaimed seed funds. Seed funds and any interest
166		-	earnings that are unclaimed by the beneficiary's 10th
167		-	birthday or unused by the beneficiary's 26th birthday will
168		-	be considered forfeited. Unclaimed and unused seed funds
169		-	and any interest earnings will remain in the omnibus
170		-	account for future beneficiaries.
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172	99
173		-	(e) Financial education. The State Treasurer may develop
174		-	educational materials that support the financial literacy of
175		-	beneficiaries and their legal guardians, and may do so in
176		-	collaboration with State and federal agencies, including, but
177		-	not limited to, the Illinois State Board of Education and
178		-	existing nonprofit agencies with expertise in financial
179		-	literacy and education.
180		-	(f) Supplementary deposits and partnerships. The State
181		-	Treasurer may make supplementary deposits to children in
182		-	financially insecure households if sufficient funds are
183		-	available and if funds are deposited into the omnibus accounts
184		-	as described in subsection (d). Subject to appropriation, the
185		-	State Treasurer may make supplementary deposits of $50, or
186		-	greater if designated by the State Treasurer by rule, into the
187		-	account of each beneficiary whose parent or legal guardian has
188		-	an adjusted gross income below the Illinois median household
189		-	income as determined by the most recent U.S. Census Bureau
190		-	American Community Survey 5-Year Data for the previous
191		-	calendar year. The supplementary deposits shall be limited to
192		-	one deposit per beneficiary. Furthermore, the State Treasurer
193		-	may develop partnerships with private, nonprofit, or
194		-	governmental organizations to provide additional savings
195		-	incentives, including conditional cash transfers or matching
196		-	contributions that provide a savings incentive based on
197		-	specific actions taken or other criteria.
198		-	(g) Illinois Higher Education Savings Program Fund. The
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199	102
200	103
201		-	Illinois Higher Education Savings Program Fund is hereby
202		-	established as a special fund in the State treasury. The Fund
203		-	shall be the official repository of all contributions,
204		-	appropriated funds, interest, and dividend payments, gifts, or
205		-	other financial assets received by the State Treasurer in
206		-	connection with the operation of the Program or related
207		-	partnerships. All such moneys shall be deposited into the Fund
208		-	and held by the State Treasurer as custodian thereof. The
209		-	State Treasurer may accept gifts, grants, awards, matching
210		-	contributions, interest income, and appropriated funds from
211		-	individuals, businesses, governments, and other third-party
212		-	sources to implement the Program on terms that the Treasurer
213		-	deems advisable. All interest or other earnings accruing or
214		-	received on amounts in the Illinois Higher Education Savings
215		-	Program Fund shall be credited to and retained by the Fund and
216		-	used for the benefit of the Program. Assets of the Fund must at
217		-	all times be preserved, invested, and expended only for the
218		-	purposes of the Program and must be held for the benefit of the
219		-	beneficiaries. Assets may not be transferred or used by the
220		-	State or the State Treasurer for any purposes other than the
221		-	purposes of the Program. In addition, no moneys, interest, or
222		-	other earnings paid into the Fund shall be used, temporarily
223		-	or otherwise, for inter-fund borrowing or be otherwise used or
224		-	appropriated except as expressly authorized by this Act.
225		-	Notwithstanding the requirements of this subsection (g),
226		-	amounts in the Fund may be used by the State Treasurer to pay
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	106	+	1 each quarter, or some other date and frequency as mutually
	107	+	2 agreed to by the State Treasurer and the Department of
	108	+	3 Public Health.
	109	+	4 (1.5) Beginning in 2021, the Department of Revenue
	110	+	5 shall provide the State Treasurer with information on tax
	111	+	6 filers claiming dependents or the adoption tax credit
	112	+	7 including, but not limited to: the full name, residential
	113	+	8 address, email address, phone number, birth date, and
	114	+	9 social security number or taxpayer identification number
	115	+	10 of the dependent child and of the child's parent or legal
	116	+	11 guardian for the purpose of enrolling eligible children in
	117	+	12 the Program. Beginning July 1, 2024, the Department of
	118	+	13 Revenue shall provide the State Treasurer with the
	119	+	14 adjusted gross income of tax filers claiming dependents or
	120	+	15 the adoption tax credit. This data shall be provided to
	121	+	16 the State Treasurer by the Department of Revenue on at
	122	+	17 least an annual basis, by July 1 of each year or another
	123	+	18 date jointly determined by the State Treasurer and the
	124	+	19 Department of Revenue. Notwithstanding anything to the
	125	+	20 contrary contained within this paragraph (2), the
	126	+	21 Department of Revenue shall not be required to share any
	127	+	22 information that would be contrary to federal law,
	128	+	23 regulation, or Internal Revenue Service Publication 1075.
	129	+	24 (2) The State Treasurer shall ensure the security and
	130	+	25 confidentiality of the information provided by the
	131	+	26 Department of Revenue, the Department of Public Health, or
227	132
228	133
229		-	the administrative costs of the Program.
230		-	(g-5) Fund deposits and payments. On July 15 of each year,
231		-	beginning July 15, 2023, or as soon thereafter as practical,
232		-	the State Comptroller shall direct and the State Treasurer
233		-	shall transfer the sum of $2,500,000, or the amount that is
234		-	appropriated annually by the General Assembly, whichever is
235		-	greater, from the General Revenue Fund to the Illinois Higher
236		-	Education Savings Program Fund to be used for the
237		-	administration and operation of the Program.
238		-	(h) Audits and reports. The State Treasurer shall include
239		-	the Illinois Higher Education Savings Program as part of the
240		-	audit of the College Savings Pool described in Section 16.5.
241		-	The State Treasurer shall annually prepare a report that
242		-	includes a summary of the Program operations for the preceding
243		-	fiscal year, including the number of children enrolled in the
244		-	Program, the total amount of seed fund deposits, the rate of
245		-	seed deposits claimed, and, to the extent data is reported and
246		-	available, the racial, ethnic, socioeconomic, and geographic
247		-	data of beneficiaries and of children in financially insecure
248		-	households who may receive automatic bonus deposits. Such
249		-	other information that is relevant to make a full disclosure
250		-	of the operations of the Program and Fund may also be reported.
251		-	The report shall be made available on the Treasurer's website
252		-	by January 31 each year, starting in January of 2024. The State
253		-	Treasurer may include the Program in other reports as
254		-	warranted.
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256	135
257		-	(i) Rules. The State Treasurer may adopt rules necessary
258		-	to implement this Section.
259		-	(Source: P.A. 102-129, eff. 7-23-21; 102-558, eff. 8-20-21;
260		-	102-1047, eff. 1-1-23; 103-8, eff. 6-7-23.)
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	142	+	1 another State or local government agency, and it shall not
	143	+	2 be subject to release under the Freedom of Information
	144	+	3 Act.
	145	+	4 (3) Information provided under this Section shall only
	146	+	5 be used by the State Treasurer for the Program and shall
	147	+	6 not be used for any other purpose.
	148	+	7 (4) The State Treasurer and any vendors working on the
	149	+	8 Program shall maintain strict confidentiality of any
	150	+	9 information provided under this Section, and shall
	151	+	10 promptly provide written or electronic notice to the
	152	+	11 providing agency of any security breach. The providing
	153	+	12 State or local government agency shall remain the sole and
	154	+	13 exclusive owner of information provided under this
	155	+	14 Section.
	156	+	15 (d) Seed funds. After receiving information on recent
	157	+	16 births, adoptions, or dependents from the Department of
	158	+	17 Revenue, the Department of Public Health, or another State or
	159	+	18 local government agency, the State Treasurer shall make
	160	+	19 deposits into an omnibus account on behalf of eligible
	161	+	20 children. The State Treasurer shall be the owner of the
	162	+	21 omnibus accounts.
	163	+	22 (1) Deposit amount. The seed fund deposit for each
	164	+	23 eligible child shall be in the amount of $50. This amount
	165	+	24 may be increased by the State Treasurer by rule. The State
	166	+	25 Treasurer may use or deposit funds appropriated by the
	167	+	26 General Assembly together with moneys received as gifts,
	168	+
	169	+
	170	+
	171	+
	172	+
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	177	+	HB4720 Enrolled - 6 - LRB103 37881 SPS 68012 b
	178	+	1 grants, or contributions into the Fund. If insufficient
	179	+	2 funds are available in the Fund, the State Treasurer may
	180	+	3 reduce the deposit amount or forego deposits.
	181	+	4 (2) Use of seed funds. Seed funds, including any
	182	+	5 interest, dividends, and other earnings accrued, will be
	183	+	6 eligible for use by a beneficiary for qualified higher
	184	+	7 education expenses if:
	185	+	8 (A) the parent or guardian of the eligible child
	186	+	9 claimed the seed funds for the beneficiary by the
	187	+	10 beneficiary's 10th birthday;
	188	+	11 (B) the beneficiary has completed secondary
	189	+	12 education or has reached the age of 18; and
	190	+	13 (C) the beneficiary is currently a resident of the
	191	+	14 State of Illinois. Non-residents are not eligible to
	192	+	15 claim or use seed funds.
	193	+	16 (3) Notice of seed fund availability. The State
	194	+	17 Treasurer shall make a good faith effort to notify
	195	+	18 beneficiaries and their parents or legal guardians of the
	196	+	19 seed funds' availability and the deadline to claim such
	197	+	20 funds.
	198	+	21 (4) Unclaimed seed funds. Seed funds and any interest
	199	+	22 earnings that are unclaimed by the beneficiary's 10th
	200	+	23 birthday or unused by the beneficiary's 26th birthday will
	201	+	24 be considered forfeited. Unclaimed and unused seed funds
	202	+	25 and any interest earnings will remain in the omnibus
	203	+	26 account for future beneficiaries.
	204	+
	205	+
	206	+
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	214	+	1 (e) Financial education. The State Treasurer may develop
	215	+	2 educational materials that support the financial literacy of
	216	+	3 beneficiaries and their legal guardians, and may do so in
	217	+	4 collaboration with State and federal agencies, including, but
	218	+	5 not limited to, the Illinois State Board of Education and
	219	+	6 existing nonprofit agencies with expertise in financial
	220	+	7 literacy and education.
	221	+	8 (f) Supplementary deposits and partnerships. The State
	222	+	9 Treasurer may make supplementary deposits to children in
	223	+	10 financially insecure households if sufficient funds are
	224	+	11 available and if funds are deposited into the omnibus accounts
	225	+	12 as described in subsection (d). Subject to appropriation, the
	226	+	13 State Treasurer may make supplementary deposits of $50, or
	227	+	14 greater if designated by the State Treasurer by rule, into the
	228	+	15 account of each beneficiary whose parent or legal guardian has
	229	+	16 an adjusted gross income below the Illinois median household
	230	+	17 income as determined by the most recent U.S. Census Bureau
	231	+	18 American Community Survey 5-Year Data for the previous
	232	+	19 calendar year. The supplementary deposits shall be limited to
	233	+	20 one deposit per beneficiary. Furthermore, the State Treasurer
	234	+	21 may develop partnerships with private, nonprofit, or
	235	+	22 governmental organizations to provide additional savings
	236	+	23 incentives, including conditional cash transfers or matching
	237	+	24 contributions that provide a savings incentive based on
	238	+	25 specific actions taken or other criteria.
	239	+	26 (g) Illinois Higher Education Savings Program Fund. The
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	250	+	1 Illinois Higher Education Savings Program Fund is hereby
	251	+	2 established as a special fund in the State treasury. The Fund
	252	+	3 shall be the official repository of all contributions,
	253	+	4 appropriated funds, interest, and dividend payments, gifts, or
	254	+	5 other financial assets received by the State Treasurer in
	255	+	6 connection with the operation of the Program or related
	256	+	7 partnerships. All such moneys shall be deposited into the Fund
	257	+	8 and held by the State Treasurer as custodian thereof. The
	258	+	9 State Treasurer may accept gifts, grants, awards, matching
	259	+	10 contributions, interest income, and appropriated funds from
	260	+	11 individuals, businesses, governments, and other third-party
	261	+	12 sources to implement the Program on terms that the Treasurer
	262	+	13 deems advisable. All interest or other earnings accruing or
	263	+	14 received on amounts in the Illinois Higher Education Savings
	264	+	15 Program Fund shall be credited to and retained by the Fund and
	265	+	16 used for the benefit of the Program. Assets of the Fund must at
	266	+	17 all times be preserved, invested, and expended only for the
	267	+	18 purposes of the Program and must be held for the benefit of the
	268	+	19 beneficiaries. Assets may not be transferred or used by the
	269	+	20 State or the State Treasurer for any purposes other than the
	270	+	21 purposes of the Program. In addition, no moneys, interest, or
	271	+	22 other earnings paid into the Fund shall be used, temporarily
	272	+	23 or otherwise, for inter-fund borrowing or be otherwise used or
	273	+	24 appropriated except as expressly authorized by this Act.
	274	+	25 Notwithstanding the requirements of this subsection (g),
	275	+	26 amounts in the Fund may be used by the State Treasurer to pay
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	286	+	1 the administrative costs of the Program.
	287	+	2 (g-5) Fund deposits and payments. On July 15 of each year,
	288	+	3 beginning July 15, 2023, or as soon thereafter as practical,
	289	+	4 the State Comptroller shall direct and the State Treasurer
	290	+	5 shall transfer the sum of $2,500,000, or the amount that is
	291	+	6 appropriated annually by the General Assembly, whichever is
	292	+	7 greater, from the General Revenue Fund to the Illinois Higher
	293	+	8 Education Savings Program Fund to be used for the
	294	+	9 administration and operation of the Program.
	295	+	10 (h) Audits and reports. The State Treasurer shall include
	296	+	11 the Illinois Higher Education Savings Program as part of the
	297	+	12 audit of the College Savings Pool described in Section 16.5.
	298	+	13 The State Treasurer shall annually prepare a report that
	299	+	14 includes a summary of the Program operations for the preceding
	300	+	15 fiscal year, including the number of children enrolled in the
	301	+	16 Program, the total amount of seed fund deposits, the rate of
	302	+	17 seed deposits claimed, and, to the extent data is reported and
	303	+	18 available, the racial, ethnic, socioeconomic, and geographic
	304	+	19 data of beneficiaries and of children in financially insecure
	305	+	20 households who may receive automatic bonus deposits. Such
	306	+	21 other information that is relevant to make a full disclosure
	307	+	22 of the operations of the Program and Fund may also be reported.
	308	+	23 The report shall be made available on the Treasurer's website
	309	+	24 by January 31 each year, starting in January of 2024. The State
	310	+	25 Treasurer may include the Program in other reports as
	311	+	26 warranted.
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	322	+	1 (i) Rules. The State Treasurer may adopt rules necessary
	323	+	2 to implement this Section.
	324	+	3 (Source: P.A. 102-129, eff. 7-23-21; 102-558, eff. 8-20-21;
	325	+	4 102-1047, eff. 1-1-23; 103-8, eff. 6-7-23.)
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