90th General Assembly
Summary of HB3387
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House Sponsors:

Short description: 
DHS-INDVIDUAL DEVELPMNT ACCNTS                                             

Synopsis of Bill as introduced:
        Amends  the  Illinois  Public  Aid  Code.   Provides   that   the      
   Department  of  Human  Services shall administer a program that allows      
   eligible low-income individuals  to  maintain  Individual  Development      
   Accounts  with money from employment earnings to enable the individual      
   to accumulate funds for postsecondary education, to purchase  a  first      
   home,  or  to finance business capitalization expenses.  Provides that      
   the funds  in  the  account  shall  be  matched  by  a  not-for-profit      
   organization  or  by  a  State  or local governmental agency acting in      
   cooperation with a not-for-profit  organization.   Provides  that  the      
   Department  may  match  a  set percentage of contributions made by the      
   eligible  individuals  who  have  established  Individual  Development      
   Accounts and make grants to not-for-profit organizations to administer      
   the accounts.   Provides  that  funds  in  an  Individual  Development      
   Account  shall  be  disregarded  for  the  purpose  of determining the      
   eligibility  and  benefit  levels  under   this   Code.      Effective      
        HOUSE AMENDMENT NO. 1.                                                 
        Deletes everything.   Amends  the  Public  Aid  Code.   Reinserts      
   language  similar  to the language as introduced but provides that the      
   program shall be subject to appropriation or the availability of other      
   funds.  Designates allowable uses for State and  federal  funds  under      
   the  program.  Provides that to be eligible for State matching funds a      
   program must secure at least a dollar  for  dollar  match  from  other      
   sources for contributions made by participating individuals.  Provides      
   that  nothing  in  these  provisions  shall  prohibit a not-for-profit      
   organization  which  does  not  receive  State  matching  funds   from      
   administering  an  approved Individual Development Account.  Effective      
        HOUSE AMENDMENT NO. 2.                                                 
        Removes the provision that  the  Individual  Development  Account      
   program  shall be established without appropriation if other resources      
   are available.                                                              
          FISCAL NOTE, AMENDED (Dpt. Human Services)                           
          Fiscal impact is subject to appropriations.                          
          STATE MANDATES FISCAL NOTE                                           
          HB 3387 fails to create a State mandate.                             
          STATE MANDDATES FISCAL NOTE, H-AMS 1 & 2                             
          No change from previous note.                                        
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   2     SENATE -   0


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