HB2424 - IDOT-BONUS FOR STUDENT LOANS

3 Co-Sponsors

Amends the Department of Transportation Law of the Civil Administrative Code of Illinois. Requires the Department of Transportation to provide higher education student loan repayment assistance in the form of an annual after-tax bonus of $15,000 per year, for not more than 5 years, to any engineer employed by the Department if (i) the engineer is a graduate of a college or university located in this State, (ii) the engineer provides documentation to the Department of the repayment of higher education student loans taken to attend a college or university located in this State, and (iii) the engineer remains in the employ of the Department for at least 5 years. Provides that if the engineer leaves the employ of the Department prior to serving 5 years, the engineer must return all bonuses made to the engineer by the Department pursuant to these provisions. Effective immediately.