103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB3486

 

Introduced 2/17/2023, by Rep. Mark L. Walker

 

SYNOPSIS AS INTRODUCED:
 
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

 

 

A BILL FOR

 

HB3486LRB103 29618 HLH 56014 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Finance Act is amended by adding
5Section 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
91A-12 as follows:
 
10    (105 ILCS 5/1A-12 new)
11    Sec. 1A-12. School District Property Tax Relief Grant
12Program; Education Property Tax Relief Fund.
13    (a) From State fiscal year 2024 through State fiscal year
142029, the State Board of Education shall establish and
15administer an annual program to award property tax relief
16grants to school districts in the State. In exchange for
17receiving a grant under this Section, the school district's
18maximum aggregate property tax extension for the taxable year
19that begins on January 1 of the fiscal year for which the grant
20is awarded may not exceed its adjusted maximum aggregate
21property tax extension for that taxable year. Grants shall be

 

 

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1awarded from moneys appropriated for that purpose from the
2Education Property Tax Relief Fund created in subsection (b).
3Moneys awarded to school districts under this Section shall be
4distributed pro rata on a per pupil average daily attendance
5basis, as reported in the school district report card for the
6immediately preceding school year under Section 10-17a of the
7School Code.
8    (b) The Education Property Tax Relief Fund is hereby
9created as a special fund in the State treasury. By September
101, 2023, and by September 1 of each calendar year thereafter,
11the Governor's Office of Management and Budget shall certify
12to the State Comptroller and the State Treasurer an amount
13equal to 75% of the difference, if any, between (i) 23% of the
14total amount appropriated from all State general funds as part
15of the State budget for the fiscal year that begins on the
16immediately preceding July 1, including any amounts
17appropriated for the purpose of making grants under this
18Section, and (ii) the total amount appropriated by the State,
19including any continuing appropriations, for that fiscal year
20as State contributions to the retirement system established
21under Article 16 of the Illinois Pension Code and the
22retirement fund established under Article 17 of the Illinois
23Pension Code. Upon receiving the certified amount from the
24Governor's Office of Management and Budget, the Comptroller
25shall order transferred, and the Treasurer shall transfer, the
26certified amount from the General Revenue Fund to the

 

 

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1Education Property Tax Relief Fund. Any unexpended amounts
2remaining in the Fund on the last day of the State fiscal year
3shall be transferred from the Education Property Tax Relief
4Fund to the General Revenue Fund.
5    (c) As used in this Section:
6    "Adjusted maximum aggregate property tax extension" means
7the highest aggregate property tax extension that the district
8is authorized by law to levy, without regard to this Section,
9for the taxable year for which the adjusted maximum aggregate
10property tax extension is calculated, minus the grant amount
11received by the school district for the fiscal year that ends
12during the taxable year for which the adjusted maximum
13aggregate property tax extension is calculated.
14    "Aggregate property tax extension" means the annual
15corporate extension for the school district and those special
16purpose extensions that are made annually for the school
17district.
18    "Taxable year" means the calendar year during which
19property taxes payable in the next succeeding year are levied.
 
20    Section 99. Effective date. This Act takes effect upon
21becoming law.