SB1880eng 98TH GENERAL ASSEMBLY

SB1880 Engrossed LRB098 09247 NHT 39386 b

AN ACT concerning education.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The School Code is amended by adding Section 18-4.6 as follows:

(105 ILCS 5/18-4.6 new)

Sec. 18-4.6. Tax equivalent grants; State Capitol. When the State Capitol is located in a school district, the State Superintendent of Education shall, subject to appropriation, annually direct the State Comptroller to pay the amount of the tax-equivalent grant provided in this Section, and the State Comptroller shall draw his or her warrant upon the State Treasurer for the payment of the grant. For fiscal year 2014 and each fiscal year thereafter, the grant shall equal 0.5% of the equalized assessed valuation of all land in the district owned by the State (computing that equalized assessed valuation by multiplying the average value per taxable acre of the school district by the total number of acres of land owned by the State). Annually on or before September 15, 2014 and July 1 thereafter, the district superintendent shall certify to the State Board of Education the following matters: (1) that the State Capitol is located within the district; (2) the total land area of the district in acres; (3) the total ownership of the land of the State in the district in acres; (4) the total equalized assessed value of all the land in the district; (5) the rate of school tax payable in the year; and (6) the computed amount of the tax-equivalent grant claimed. Failure of any district superintendent to certify the claim for the tax-equivalent grant on or before September 15, 2014 or July 1 of a subsequent year shall constitute a forfeiture by the district of its right to the grant for the school year.

Section 99. Effective date. This Act takes effect upon becoming law.