110 ILCS 998/ Workforce Development through Charitable Loan Repayment Act.

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HIGHER EDUCATION
(110 ILCS 998/) Workforce Development through Charitable Loan Repayment Act.

110 ILCS 998/Art. 5

(110 ILCS 998/Art. 5 heading) ARTICLE 5.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 10

(110 ILCS 998/Art. 10 heading)

ARTICLE 10.

(Source: P.A. 103-592, eff. 6-7-24.)

110 ILCS 998/10-1

(110 ILCS 998/10-1)

Sec. 10-1. Short title. This Act may be cited as the Workforce Development through Charitable Loan Repayment Act. References in this Article to "this Act" mean this Article.

(Source: P.A. 103-592, eff. 6-7-24.)

110 ILCS 998/10-5

(110 ILCS 998/10-5)

Sec. 10-5. Purpose.

The purpose of this Act is to create a private sector incentive for qualified workers to work and live in eligible areas while also reducing the student debt burden of those workers.

(Source: P.A. 103-592, eff. 6-7-24.)

110 ILCS 998/10-10

(110 ILCS 998/10-10)

    Sec. 10-10. Definitions. As used in this Act:
    "Commission" means the Illinois Student Assistance Commission.
    "Full-time employee" means an individual who is employed for consideration for at least 35 hours each week.
    "Program" means the Workforce Development Through Charitable Loan Repayment Program established under this Act.

"Qualified community foundation" means a community foundation or similar publicly supported organization described in Section 170(b)(1)(A)(vi) of the Internal Revenue Code of 1986 that (i) is organized or operating in this State, (ii) substantially complies, as determined by the Commission, with the national standards for United States community foundations established by the Community Foundations National Standards or a successor entity, and (iii) is approved by the Commission for participation in the Program as provided in Section 10-17.

"Qualified worker" means an individual who meets all of the following:
(1) the individual is a full-time employee of a

business that meets one or more of the following:

(A) the business is a qualified new business

venture that is registered with the Department of Commerce and Economic Opportunity under Section 220 of the Illinois Income Tax Act;

(B) the business is primarily engaged in a

targeted growth industry;

(C) the business is a minority-owned business, a

women-owned business, or a business owned by a person with a disability, as those terms are defined in the Business Enterprise for Minorities, Women, and Persons with Disabilities Act; or

(D) the business is a not-for-profit corporation,

as defined in the General Not For Profit Corporation Act of 1986;

(2) the individual is employed by the business

described in paragraph (1) at a job site that is located in an Enterprise Zone, an Opportunity Zone, an underserved area, or an area that has a bachelor's degree attainment rate for the population that is below the State or national average for the population, as determined by the United States Census Bureau; and

(3) the individual (i) received an associate degree

or higher and has an outstanding balance due on a qualified education loan, as defined in Section 221 of the Internal Revenue Code, or (ii) accrued educational debt while pursuing skilled trades and related schooling.

"Student loan repayment assistance" means grants or post-graduation scholarships made by a community foundation directly to a student loan servicer on behalf of a qualified worker.

    "Targeted growth industry" means one or more of the following:
        (1) advanced manufacturing;
        (2) agribusiness and food processing;
        (3) transportation distribution and logistics;
        (4) life sciences and biotechnology;
        (5) business and professional services; or
        (6) energy.

"Underserved area" has the meaning given to that term in Section 5-5 of the Economic Development for a Growing Economy Tax Credit Act.

(Source: P.A. 103-592, eff. 6-7-24.)

110 ILCS 998/10-15

(110 ILCS 998/10-15)

Sec. 10-15. Establishment of the Program; advertisement.

The Workforce Development through Charitable Loan Repayment Program is hereby created for the purpose of facilitating student loan repayment assistance for qualified workers. The Program shall be administered by qualified community foundations with the assistance of the Commission. The Commission shall advertise the program on its website.

(Source: P.A. 103-592, eff. 6-7-24.)

110 ILCS 998/10-17

(110 ILCS 998/10-17)

Sec. 10-17. Approval to participate in the Program.

(a) A qualified community foundation shall apply to the Commission, in the form and manner prescribed by the Commission, for eligibility to participate in the Program under this Act. Each application shall include:

(1) documentary evidence that the qualified community

foundation meets the qualifications under Section 170(b)(1)(A)(vi) of the Internal Revenue Code and substantially complies with the standards established by Community Foundations National Standards;

(2) a list of the names and addresses of all members

of the governing board of the qualified community foundation; and

(3) a copy of the most recent financial audit of the

qualified community foundation's accounts and records conducted by an independent certified public accountant in accordance with auditing standards generally accepted in the United States, government auditing standards, and rules adopted by the Commission.

(b) The Commission shall review and either approve or deny each application for participation. Applicants shall be notified of the status of their application within a reasonable amount of time after the completed application is received.

(c) The Commission may provide, by rule, that qualified community foundations that are eligible to participate in tax incentive programs administered by other State agencies are automatically eligible to participate in the Program under this Section.

(Source: P.A. 103-592, eff. 6-7-24.)

110 ILCS 998/10-20

(110 ILCS 998/10-20)

Sec. 10-20. Applications.

Each qualified community foundation shall establish an application process for qualified workers to receive student loan repayment assistance from the qualified community foundation in accordance with this Act and rules adopted for the implementation of this Act by the Commission. If necessary due to limited funds, the qualified community foundation shall give priority to applicants with a higher student debt-to-income ratio when awarding student loan repayment assistance under the Program.

(Source: P.A. 103-592, eff. 6-7-24.)

110 ILCS 998/10-25

(110 ILCS 998/10-25)

Sec. 10-25. Eligibility; work requirement.

Each individual qualified community foundation shall certify the eligibility of qualified workers to receive student loan repayment assistance and establish work requirements in accordance with this Act, rules adopted by the Commission, and the requirements of the individual qualified community foundation.

(Source: P.A. 103-592, eff. 6-7-24.)

110 ILCS 998/10-30

(110 ILCS 998/10-30)

Sec. 10-30. Administration; rules.

Qualified community foundations shall administer the Program under this Act and shall issue to qualified workers any forms required by the Commission or the Department of Revenue. The Commission shall adopt rules for the Program's effective implementation, except that rules regarding the documentation necessary to deduct student loan repayment assistance from the worker's income under subparagraph (LL) of subsection (a) of Section 203 of the Illinois Income Tax Act may be adopted by the Department of Revenue in consultation with the Commission. Individual qualified community foundations may impose requirements for participation in the Program, which shall not be inconsistent with this Act or the rules adopted by the Commission or the Department of Revenue in connection with this Act.

(Source: P.A. 103-592, eff. 6-7-24.)

110 ILCS 998/10-35

(110 ILCS 998/10-35)

Sec. 10-35. Reporting.

Each qualified community foundation shall submit an annual report to the Commission summarizing its loan repayment activity under the Program. Reports under this Section shall be submitted in the form and manner prescribed by the Commission.

(Source: P.A. 103-592, eff. 6-7-24.)

110 ILCS 998/10-900

(110 ILCS 998/10-900)

Sec. 10-900. (Amendatory provisions; text omitted).

(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 15

(110 ILCS 998/Art. 15 heading) ARTICLE 15.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 20

(110 ILCS 998/Art. 20 heading) ARTICLE 20.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 25

(110 ILCS 998/Art. 25 heading) ARTICLE 25.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 1-1-25; text omitted.)

110 ILCS 998/Art. 30

(110 ILCS 998/Art. 30 heading) ARTICLE 30.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 35

(110 ILCS 998/Art. 35 heading) ARTICLE 35.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 40

(110 ILCS 998/Art. 40 heading) ARTICLE 40.(The Local Journalism Sustainability Act is compiled at 35 ILCS 18/)(Source: P.A. 103-592, eff. 6-7-24.)

110 ILCS 998/Art. 45

(110 ILCS 998/Art. 45 heading) ARTICLE 45.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 50

(110 ILCS 998/Art. 50 heading) ARTICLE 50. (The Music and Musicians Tax Credit and Jobs Act is compiled at 35 ILCS 19/)(Source: P.A. 103-592, eff. 6-7-24.)

110 ILCS 998/Art. 52

(110 ILCS 998/Art. 52 heading) ARTICLE 52. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 55

(110 ILCS 998/Art. 55 heading) ARTICLE 55. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 60

(110 ILCS 998/Art. 60 heading) ARTICLE 60. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 65

(110 ILCS 998/Art. 65 heading) ARTICLE 65. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 7-1-24; text omitted.)

110 ILCS 998/Art. 70

(110 ILCS 998/Art. 70 heading) ARTICLE 70. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 75

(110 ILCS 998/Art. 75 heading) ARTICLE 75. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 1-1-25; text omitted.)

110 ILCS 998/Art. 80

(110 ILCS 998/Art. 80 heading) ARTICLE 80. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 1-1-25; text omitted.)

110 ILCS 998/Art. 85

(110 ILCS 998/Art. 85 heading) ARTICLE 85. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 90

(110 ILCS 998/Art. 90 heading) ARTICLE 90. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 95

(110 ILCS 998/Art. 95 heading) ARTICLE 95.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 100

(110 ILCS 998/Art. 100 heading) ARTICLE 100.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 105

(110 ILCS 998/Art. 105 heading) ARTICLE 105.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 110

(110 ILCS 998/Art. 110 heading) ARTICLE 110.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 115

(110 ILCS 998/Art. 115 heading) ARTICLE 115.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 120

(110 ILCS 998/Art. 120 heading) ARTICLE 120.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 130

(110 ILCS 998/Art. 130 heading) ARTICLE 130.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 135

(110 ILCS 998/Art. 135 heading) ARTICLE 135.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 1-1-25; text omitted.)

110 ILCS 998/Art. 140

(110 ILCS 998/Art. 140 heading) ARTICLE 140.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 1-1-25; text omitted.)

110 ILCS 998/Art. 145

(110 ILCS 998/Art. 145 heading) ARTICLE 145.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 150

(110 ILCS 998/Art. 150 heading) ARTICLE 150.(The Interchange Fee Prohibition Act is compiled at 815 ILCS 151/)(Source: P.A. 103-592, eff. 7-1-25.)

110 ILCS 998/Art. 155

(110 ILCS 998/Art. 155 heading) ARTICLE 155.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 160

(110 ILCS 998/Art. 160 heading) ARTICLE 160.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 165

(110 ILCS 998/Art. 165 heading) ARTICLE 165.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 170

(110 ILCS 998/Art. 170 heading) ARTICLE 170.(The Illinois Gives Tax Credit Act is compiled at 35 ILCS 60/)(Source: P.A. 103-592, eff. 6-7-24.)

110 ILCS 998/Art. 175

(110 ILCS 998/Art. 175 heading) ARTICLE 175.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

110 ILCS 998/Art. 999

(110 ILCS 998/Art. 999 heading)

ARTICLE 999.

(Source: P.A. 103-592, eff. 6-7-24.)

110 ILCS 998/999-95

(110 ILCS 998/999-95)

Sec. 999-95. No acceleration or delay.

Where this Act makes changes in a statute that is represented in this Act by text that is not yet or no longer in effect (for example, a Section represented by multiple versions), the use of that text does not accelerate or delay the taking effect of (i) the changes made by this Act or (ii) provisions derived from any other Public Act.

(Source: P.A. 103-592, eff. 6-7-24.)

110 ILCS 998/999-97

(110 ILCS 998/999-97)

Sec. 999-97. Severability. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes.

(Source: P.A. 103-592, eff. 6-7-24.)

110 ILCS 998/999-99

(110 ILCS 998/999-99)

Sec. 999-99. Effective date.

This Act takes effect upon becoming law, except that Article 65 takes effect July 1, 2024, Articles 25, 75, 80, 93, 125, 135, and 140 take effect January 1, 2025, and Article 150 takes effect July 1, 2025.

(Source: P.A. 103-592, eff. 6-7-24.)