HB 4720

Abstract

Amends the State Treasurer Act. Provides that, beginning in 2026, the Department of Healthcare and Family Services shall provide the State Treasurer with information on Medicaid recipients with one or more dependent children born after December 31, 2025 for the purpose of identifying the amount of seed funds to be deposited for each beneficiary. In provisions concerning supplementary deposits, provides that the State Treasurer may make supplementary deposits to each eligible child who is enrolled in Medicaid or whose parent or legal guardian is enrolled in Medicaid in the amount of $50 or a greater amount if designated by the State Treasurer by rule. Makes conforming changes. House Committee Amendment No. 1 Replaces everything after the enacting clause. Amends the State Treasurer Act. Provides that the Department of Revenue shall provide the State Treasurer with the adjusted gross income of tax filers claiming dependents or the adoption tax credit. Provides that the State Treasurer may make supplementary deposits to children in financially insecure households if funds are deposited into the omnibus accounts. Provides that, subject to appropriation, the State Treasurer may make supplementary deposits of $50, or greater if designated by the State Treasurer rule, into the account of each beneficiary whose parent or legal guardian has an adjusted gross income below the Illinois median household income. Provides that the supplementary deposits shall be limited to one deposit per beneficiary. Senate Committee Amendment No. 1 Provides that, beginning July 1, 2024, the Department of Revenue shall provide the State Treasurer with the adjusted gross income of tax filers claiming dependents or the adoption tax credit. Provides that the State Treasurer may make supplementary deposits (rather than may make supplementary deposits to children in financially insecure households) if sufficient funds are available and if funds are deposited into the omnibus accounts. Makes conforming changes. Adds an immediate effective date.