103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3486 Introduced , by Rep. Mark L. Walker SYNOPSIS AS INTRODUCED: 30 ILCS 105/5.990 new105 ILCS 5/1A-12 new Amends the School Code. Provides that the State Board of Education shall establish and administer an annual program to award property tax relief grants to school districts in the State. Provides that, in exchange for receiving a grant, the school district's maximum aggregate property tax extension for the taxable year that begins on January 1 of the fiscal year for which the grant is awarded may not exceed a specified maximum aggregate property tax extension. Creates the Education Property Tax Relief Fund for the purpose of making appropriations for the grant program. Amends the State Finance Act to make conforming changes. Effective immediately. LRB103 29618 HLH 56014 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3486 Introduced , by Rep. Mark L. Walker SYNOPSIS AS INTRODUCED: 30 ILCS 105/5.990 new105 ILCS 5/1A-12 new 30 ILCS 105/5.990 new 105 ILCS 5/1A-12 new Amends the School Code. Provides that the State Board of Education shall establish and administer an annual program to award property tax relief grants to school districts in the State. Provides that, in exchange for receiving a grant, the school district's maximum aggregate property tax extension for the taxable year that begins on January 1 of the fiscal year for which the grant is awarded may not exceed a specified maximum aggregate property tax extension. Creates the Education Property Tax Relief Fund for the purpose of making appropriations for the grant program. Amends the State Finance Act to make conforming changes. Effective immediately. LRB103 29618 HLH 56014 b LRB103 29618 HLH 56014 b A BILL FOR
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3486 Introduced , by Rep. Mark L. Walker SYNOPSIS AS INTRODUCED:
30 ILCS 105/5.990 new105 ILCS 5/1A-12 new 30 ILCS 105/5.990 new 105 ILCS 5/1A-12 new
30 ILCS 105/5.990 new
105 ILCS 5/1A-12 new
Amends the School Code. Provides that the State Board of Education shall establish and administer an annual program to award property tax relief grants to school districts in the State. Provides that, in exchange for receiving a grant, the school district's maximum aggregate property tax extension for the taxable year that begins on January 1 of the fiscal year for which the grant is awarded may not exceed a specified maximum aggregate property tax extension. Creates the Education Property Tax Relief Fund for the purpose of making appropriations for the grant program. Amends the State Finance Act to make conforming changes. Effective immediately.
LRB103 29618 HLH 56014 b LRB103 29618 HLH 56014 b
LRB103 29618 HLH 56014 b
A BILL FOR
HB3486LRB103 29618 HLH 56014 b HB3486 LRB103 29618 HLH 56014 b
HB3486 LRB103 29618 HLH 56014 b
1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The State Finance Act is amended by adding
5 Section 5.990 as follows:
6 (30 ILCS 105/5.990 new)
7 Sec. 5.990. The Education Property Tax Relief Fund.
8 Section 15. The School Code is amended by adding Section
9 1A-12 as follows:
10 (105 ILCS 5/1A-12 new)
11 Sec. 1A-12. School District Property Tax Relief Grant
12 Program; Education Property Tax Relief Fund.
13 (a) From State fiscal year 2024 through State fiscal year
14 2029, the State Board of Education shall establish and
15 administer an annual program to award property tax relief
16 grants to school districts in the State. In exchange for
17 receiving a grant under this Section, the school district's
18 maximum aggregate property tax extension for the taxable year
19 that begins on January 1 of the fiscal year for which the grant
20 is awarded may not exceed its adjusted maximum aggregate
21 property tax extension for that taxable year. Grants shall be
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3486 Introduced , by Rep. Mark L. Walker SYNOPSIS AS INTRODUCED:
30 ILCS 105/5.990 new105 ILCS 5/1A-12 new 30 ILCS 105/5.990 new 105 ILCS 5/1A-12 new
30 ILCS 105/5.990 new
105 ILCS 5/1A-12 new
Amends the School Code. Provides that the State Board of Education shall establish and administer an annual program to award property tax relief grants to school districts in the State. Provides that, in exchange for receiving a grant, the school district's maximum aggregate property tax extension for the taxable year that begins on January 1 of the fiscal year for which the grant is awarded may not exceed a specified maximum aggregate property tax extension. Creates the Education Property Tax Relief Fund for the purpose of making appropriations for the grant program. Amends the State Finance Act to make conforming changes. Effective immediately.
LRB103 29618 HLH 56014 b LRB103 29618 HLH 56014 b
LRB103 29618 HLH 56014 b
A BILL FOR
30 ILCS 105/5.990 new
105 ILCS 5/1A-12 new
LRB103 29618 HLH 56014 b
HB3486 LRB103 29618 HLH 56014 b
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HB3486 - 2 - LRB103 29618 HLH 56014 b
1 awarded from moneys appropriated for that purpose from the
2 Education Property Tax Relief Fund created in subsection (b).
3 Moneys awarded to school districts under this Section shall be
4 distributed pro rata on a per pupil average daily attendance
5 basis, as reported in the school district report card for the
6 immediately preceding school year under Section 10-17a of the
7 School Code.
8 (b) The Education Property Tax Relief Fund is hereby
9 created as a special fund in the State treasury. By September
10 1, 2023, and by September 1 of each calendar year thereafter,
11 the Governor's Office of Management and Budget shall certify
12 to the State Comptroller and the State Treasurer an amount
13 equal to 75% of the difference, if any, between (i) 23% of the
14 total amount appropriated from all State general funds as part
15 of the State budget for the fiscal year that begins on the
16 immediately preceding July 1, including any amounts
17 appropriated for the purpose of making grants under this
18 Section, and (ii) the total amount appropriated by the State,
19 including any continuing appropriations, for that fiscal year
20 as State contributions to the retirement system established
21 under Article 16 of the Illinois Pension Code and the
22 retirement fund established under Article 17 of the Illinois
23 Pension Code. Upon receiving the certified amount from the
24 Governor's Office of Management and Budget, the Comptroller
25 shall order transferred, and the Treasurer shall transfer, the
26 certified amount from the General Revenue Fund to the
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1 Education Property Tax Relief Fund. Any unexpended amounts
2 remaining in the Fund on the last day of the State fiscal year
3 shall be transferred from the Education Property Tax Relief
4 Fund to the General Revenue Fund.
5 (c) As used in this Section:
6 "Adjusted maximum aggregate property tax extension" means
7 the highest aggregate property tax extension that the district
8 is authorized by law to levy, without regard to this Section,
9 for the taxable year for which the adjusted maximum aggregate
10 property tax extension is calculated, minus the grant amount
11 received by the school district for the fiscal year that ends
12 during the taxable year for which the adjusted maximum
13 aggregate property tax extension is calculated.
14 "Aggregate property tax extension" means the annual
15 corporate extension for the school district and those special
16 purpose extensions that are made annually for the school
17 district.
18 "Taxable year" means the calendar year during which
19 property taxes payable in the next succeeding year are levied.
20 Section 99. Effective date. This Act takes effect upon
21 becoming law.
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