90th General Assembly
Summary of SB1435
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Senate 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      
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

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


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