Relating to waiver of tuition for certain qualified students; and prescribing an effective date.

2025 Regular Session Introduced by Court Boice and 11 co-sponsors

HB 3920 appropriates about $3.79B for FY2026, mainly to cover state debt service principal and interest and Treasurer operations/programs across multiple funds.

Chapter 100, (2025 Laws): effective on the 91st day following adjournment sine die.

Purpose

HB 3920 is an FY2026 appropriations bill that provides specific funding allocations to the Office of the State Treasurer and related funds. It authorizes operating and programmatic appropriations, funds state debt service, and provides monies for several Treasurer-administered programs and obligations.

Key provisions and dollar amounts

The bill appropriates the following, generally “or so much as may be necessary,” with intended use in fiscal year ending June 30, 2026:

$17,238,400 from the Treasurer’s Administrative Fund — Office of the State Treasurer operating expenses.

$1,000,000 from the General Revenue Fund — refunds of accrued interest on protested tax cases.

$26,225,000 from the State Pensions Fund — Treasurer operational expenses.

$10,035,270 to the Treasurer’s Bank Services Trust Fund — to meet operational expenses authorized under that Act.

$3,731,565,440 from the General Obligation Bond Retirement and Interest Fund — payment of principal ($2,370,028,488) and interest ($1,361,536,952) on State bonded indebtedness (including Transportation Bond Act, Capital Development Bond Act of 1972, School Construction Bond Act, Illinois Coal and Energy Development Bond Act, Anti-Pollution Bond Act, and General Obligation Bond Act).

$1,000,000 from the General Obligation Bond Rebate Fund — arbitrage rebate payments to the U.S. government.

$1,000,000 from the Charitable Trust Stabilization Fund — Treasurer administrative costs and grants under the Charitable Trust Stabilization Act.

$500,000 from the State Treasurer’s Capital Fund — construction, renovation, repair, operation, and maintenance of Treasurer buildings and grounds.

$2,500,000 from the Illinois Higher Education Savings Program Fund — support for the Illinois Higher Education Savings Program.

Aggregated authorized appropriation across these items is approximately $3.79 billion (largely driven by scheduled debt service).

Who is affected

Office of the State Treasurer (operations, capital needs, program administration).

Statewide taxpayers (refunds of interest on protested tax cases).

State debt service/bondholders and the General Obligation Bond Retirement and Interest Fund.

Parties receiving Charitable Trust Stabilization grants (public and private entities).

Participants/administration of the Illinois Higher Education Savings Program.

The State Pensions Fund and other source funds from which appropriations are drawn.

Procedural / timeline notes

Introduced by Rep. Robyn Gabel; first reading and referred to Rules Committee (Feb–Mar 2025).

Referred to Licensing & Administrative Procedures Committee; reported favorably without amendment (April 22, 2025).

Placed on the General State Calendar for further consideration (May 14, 2025).

Effective date specified as July 1, 2025.

Impact considerations

The largest fiscal impact is routine debt-service payments already scheduled for FY2026.

Several appropriations are operational or administrative (Treasurer’s staffing, bank services, capital maintenance).

Appropriations from program-specific funds (e.g., State Pensions Fund, Higher Education Savings Program Fund) will affect those fund balances and program budgets.

Bill