103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4866

 

Introduced 2/7/2024, by Rep. Tim Ozinga - Dan Ugaste and Amy L. Grant

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 105/5.1015 new
105 ILCS 5/2-3.204 new

    Amends the School Code. Provides that the State Board of Education shall establish and administer a program to award property tax relief grants to school districts in this State. Provides that, in exchange for receiving a grant, a 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 an adjusted maximum aggregate property tax extension for that taxable year. Creates the Education Property Tax Relief Fund as a special fund in the State treasury for the purpose of awarding grants. Sets forth provisions concerning the Education Property Tax Relief Fund. Amends the State Finance Act to make conforming changes. Effective immediately.


LRB103 37918 RJT 68050 b

 

 

A BILL FOR

 

HB4866LRB103 37918 RJT 68050 b

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 State Finance Act is amended by adding
5Section 5.1015 as follows:
 
6    (30 ILCS 105/5.1015 new)
7    Sec. 5.1015. The Education Property Tax Relief Fund.
 
8    Section 10. The School Code is amended by adding Section
92-3.204 as follows:
 
10    (105 ILCS 5/2-3.204 new)
11    Sec. 2-3.204. School district property tax relief grant
12program.
13    (a) As used in this Section:
14    "Adjusted maximum aggregate property tax extension" means
15the highest aggregate property tax extension that a school
16district is authorized by law to levy, without regard to this
17Section, for the taxable year for which the adjusted maximum
18aggregate property tax extension is calculated, minus the
19grant amount received by the school district for the fiscal
20year that ends during the taxable year for which the adjusted
21maximum aggregate property tax extension is calculated.

 

 

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1    "Aggregate property tax extension" means the annual
2corporate extension for the school district and those special
3purpose extensions that are made annually for a school
4district.
5    "Taxable year" means the calendar year during which
6property taxes payable in the next succeeding year are levied.
7    (b) For State fiscal year 2025 and each State fiscal year
8thereafter, the State Board of Education shall establish and
9administer a program to award property tax relief grants to
10school districts in this State. In exchange for receiving a
11grant under this Section, a school district's maximum
12aggregate property tax extension for the taxable year that
13begins on January 1 of the fiscal year for which the grant is
14awarded may not exceed its adjusted maximum aggregate property
15tax extension for that taxable year. Grants shall be awarded
16from moneys appropriated for that purpose from the Education
17Property Tax Relief Fund created in subsection (c). Moneys
18awarded to school districts under this Section shall be
19distributed pro rata on a per pupil average daily attendance
20basis, as reported in the school district report card for the
21immediately preceding school year under Section 10-17a.
22    (c) The Education Property Tax Relief Fund is created as a
23special fund in the State treasury. By September 1, 2024, and
24by September 1 of each year thereafter, the Governor's Office
25of Management and Budget shall certify to the State
26Comptroller and the State Treasurer an amount equal to the

 

 

HB4866- 3 -LRB103 37918 RJT 68050 b

1difference, if any, between (i) 25% of the total amount
2appropriated from all State general funds as part of the State
3budget for the fiscal year that begins on the immediately
4preceding July 1, including any amounts appropriated for the
5purpose of making grants under this Section, and (ii) the
6total amount appropriated by the State, including any
7continuing appropriations, for that fiscal year as State
8contributions to the retirement system established under
9Article 2 of the Illinois Pension Code, the retirement system
10established under Article 14 of the Illinois Pension Code, the
11retirement system established under Article 15 of the Illinois
12Pension Code, the retirement system established under Article
1316 of the Illinois Pension Code, the retirement fund
14established under Article 17 of the Illinois Pension Code, and
15the retirement system established under Article 18 of the
16Illinois Pension Code. Upon receiving the certified amount
17from the Governor's Office of Management and Budget, the State
18Comptroller shall order transferred and the State Treasurer
19shall transfer the certified amount from the General Revenue
20Fund to the Education Property Tax Relief Fund. Any unexpended
21amounts remaining in the Education Property Tax Relief Fund on
22the last day of the fiscal year shall be transferred from the
23Education Property Tax Relief Fund to the General Revenue
24Fund.
 
25    Section 99. Effective date. This Act takes effect upon
26becoming law.