100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB3172

 

Introduced 2/15/2018, by Sen. Kimberly A. Lightford

 

SYNOPSIS AS INTRODUCED:
 
105 ILCS 5/18-4.4  from Ch. 122, par. 18-4.4

    Amends the Common School Fund Article of the School Code. Makes a technical change in a Section concerning Tax Equivalent Grants.


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A BILL FOR

 

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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 School Code is amended by changing Section
518-4.4 as follows:
 
6    (105 ILCS 5/18-4.4)  (from Ch. 122, par. 18-4.4)
7    Sec. 18-4.4. Tax Equivalent Grants. When any State
8institution is located in a school district in which the the
9State owns 45% or more of the total land area of the district,
10the State Superintendent of Education shall annually direct the
11State Comptroller to pay the amount of the tax-equivalent
12grants provided in this Section, and the State Comptroller
13shall draw his warrant upon the State Treasurer for the payment
14of the grants. For fiscal year 1995 and each fiscal year
15thereafter, the grant shall equal 0.5% of the equalized
16assessed valuation of the land owned by the State (computing
17that equalized assessed valuation by multiplying the average
18value per taxable acre of the school district by the total
19number of acres of land owned by the State). Annually on or
20before September 15, 1994 and July 1, thereafter, the district
21superintendent shall certify to the State Board of Education
22the following matters:
23        1. The name of the State institution.

 

 

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1        2. The total land area of the district in acres.
2        3. The total ownership of the land of the State in
3    acres.
4        4. The total equalized assessed value of all the land
5    in the district.
6        5. The rate of school tax payable in the year.
7        6. The computed amount of the tax-equivalent grant
8    claimed.
9    Failure of any district superintendent to certify the claim
10for the tax-equivalent grant on or before September 15, 1994 or
11July 1 of a subsequent year shall constitute a forfeiture by
12the district of its right to such grant for the school year.
13(Source: P.A. 91-723, eff. 6-2-00.)