93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB4265

 

Introduced 1/29/2004, by Raymond Poe

 

SYNOPSIS AS INTRODUCED:
 
105 ILCS 5/18-4.6 new

    Amends the School Code. Provides for tax equivalent grants to a district in which the State Capitol is located. Effective immediately.


LRB093 19465 NHT 45203 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4265 LRB093 19465 NHT 45203 b

1     AN ACT concerning education.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The School Code is amended by adding Section
5 18-4.6 as follows:
 
6     (105 ILCS 5/18-4.6 new)
7     Sec. 18-4.6. Tax equivalent grants; State Capitol. When the
8 State Capitol is located in a school district, the State
9 Superintendent of Education shall annually direct the State
10 Comptroller to pay the amount of the tax-equivalent grant
11 provided in this Section, and the State Comptroller shall draw
12 his or her warrant upon the State Treasurer for the payment of
13 the grant. For fiscal year 2005 and each fiscal year
14 thereafter, the grant shall equal 0.5% of the equalized
15 assessed valuation of all land in the district owned by the
16 State (computing that equalized assessed valuation by
17 multiplying the average value per taxable acre of the school
18 district by the total number of acres of land owned by the
19 State). Annually on or before September 15, 2005 and July 1,
20 thereafter, the district superintendent shall certify to the
21 State Board of Education the following matters: (1) that the
22 State Capitol is located within the district; (2) the total
23 land area of the district in acres; (3) the total ownership of
24 the land of the State in the district in acres; (4) the total
25 equalized assessed value of all the land in the district; (5)
26 the rate of school tax payable in the year; and (6) the
27 computed amount of the tax-equivalent grant claimed. Failure of
28 any district superintendent to certify the claim for the
29 tax-equivalent grant on or before September 15, 2005 or July 1
30 of a subsequent year shall constitute a forfeiture by the
31 district of its right to the grant for the school year.
 
32     Section 99. Effective date. This Act takes effect upon

 

 

HB4265 - 2 - LRB093 19465 NHT 45203 b

1 becoming law.