Amends the State Treasurer Act. Establishes the Illinois Baby Bond Trust. Provides that the State Treasurer shall be responsible for the receipt, maintenance, administration, investing, and disbursements of moneys from the trust. Sets forth additional provisions concerning the deposit and distribution of moneys in the trust. Provides that, upon the birth of a designated beneficiary, the State Treasurer shall transfer $5,000 from the General Revenue Fund to the trust to be credited toward the accounting of the designated beneficiary. Provides that, upon a designated beneficiary's eighteenth birthday, if the beneficiary is a resident of the State, the beneficiary shall become eligible to receive the total sum of the accounting to be used for a qualified expense. Defines "qualified expense" as an expenditure associated with: (i) education of a designated beneficiary; (ii) ownership of a home by a designated beneficiary; (iii) ownership of a business by a designated beneficiary; or (iv) any investment in financial assets or personal capital that provides long-term gains to wages or wealth. Effective January 1, 2029.

Statutes affected:
Introduced: 15 ILCS 505/16