Bill Title: Creates the Homecare Option Program for the Elderly Act and amends the Illinois Income Tax Act and the Illinois Securities Law of 1953. Provides that a person may create an individual savings account, in accordance with terms prescribed by the State Treasurer, for the purpose of planning for the cost of services that will allow the person to remain in his or her home or in a noninstitutional setting as he or she ages. Requires the Treasurer to establish the Homecare Trust Fund, to be comprised of individual savings accounts for those qualified home care expenses not covered by a long-term care insurance policy and for those qualified home care expenses that supplement the coverage provided by a long-term care policy or Medicare. Imposes other duties on the Treasurer in connection with administering the Fund. Provides that interest earned on contributions to a savings account created under the Act is exempt from State income tax. Provides that participation in the trust established under the Homecare Option for the Elderly Act, and any offering and solicitation of the trust, are exempt from provisions of the Illinois Securities Law of 1953 concerning registration of securities.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2009-04-03 - Rule 19(a) / Re-referred to Rules Committee [HB3865 Detail]

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Bill Drafts

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Amendments

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No bill amendments currently on file for Illinois HB3865

Supplemental Documents

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No supplemental documents for Illinois HB3865 currently on file.

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