HB4790 95TH GENERAL ASSEMBLY

LRB095 18245 NHT 44329 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB4790

Introduced , by Rep. Karen May

SYNOPSIS AS INTRODUCED:

110 ILCS 979/75 new

Amends the Illinois Prepaid Tuition Act. Subject to appropriation, provides that on July 1, 2008 or as soon thereafter as may be practical, the Illinois Student Assistance Commission shall deposit $200 into each individual participant account created in the Illinois Prepaid Tuition Trust Fund. Provides that if the amount appropriated is insufficient to deposit $200 into each individual participant account, then the total amount appropriated must be divided equally among all individual participant accounts. Effective July 1, 2008.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning education.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Prepaid Tuition Act is amended by adding Section 75 as follows:

(110 ILCS 979/75 new)

Sec. 75. Bonus money for individual participant accounts. Subject to appropriation, on July 1, 2008 or as soon thereafter as may be practical, the Commission shall deposit $200 into each individual participant account created in the Illinois Prepaid Tuition Trust Fund. If the amount appropriated is insufficient to deposit $200 into each individual participant account, then the total amount appropriated must be divided equally among all individual participant accounts.

Section 99. Effective date. This Act takes effect July 1, 2008.