Illinois HB 5491: EDUC-QLFD COMMUNITY FOUNDATION

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 Full Text of HB5491

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 Introduced 
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 Senate Amendment 001 

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HB5491 EngrossedLRB104 20667 LNS 34165 b

1 AN ACT concerning education.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Workforce Development through Charitable 

5Loan Repayment Act is amended by changing Section 10-10 as 

6follows:

7 (110 ILCS 998/10-10)

8 Sec. 10-10. Definitions. As used in this Act:

9 "Commission" means the Illinois Student Assistance 

10Commission.

11 "Full-time employee" means an individual who is employed 

12for consideration for at least 35 hours each week.

13 "Program" means the Workforce Development Through 

14Charitable Loan Repayment Program established under this Act.

15 "Qualified community foundation" has the meaning given to 

16that term in Section 170-5 of the Illinois Gives Tax Credit Act 

17means a community foundation or similar publicly supported 

18organization described in Section 170(b)(1)(A)(vi) of the 

19Internal Revenue Code of 1986 that (i) is organized or 

20operating in this State, (ii) substantially complies, as 

21determined by the Commission, with the national standards for 

22United States community foundations established by the 

23Community Foundations National Standards or a successor 

HB5491 Engrossed- 2 -LRB104 20667 LNS 34165 b

1entity, and (iii) is approved by the Commission for 

2participation in the Program as provided in Section 10-17.

3 "Qualified worker" means an individual who meets all of 

4the following:

5 (1) the individual is a full-time employee of a 

6 business that meets one or more of the following: 

7 (A) the business is a qualified new business 

8 venture that is registered with the Department o