Synopsis As Introduced Amends the Property Tax Extension Limitation in the Property Tax Code. Provides that, in the case of a school district (other than a school district organized under Article 34 of the School Code), the district may increase its extension limitation if the school board certifies to the county clerk that (i) the school district is under a financial emergency during the current levy year and (ii) for either or both of the 2 immediately preceding levy years, the aggregate tax rate for all of the district's included funds was less than the district's limiting rate for the applicable year. Sets forth the amount of the increase. Provides that "financial emergency" means that the district's cash reserves for the current fiscal year fall below 200% of the average of the annual budgets of the district for the 5 preceding years. Effective immediately.