Synopsis As Introduced Amends the School Code. Makes a technical change in a Section concerning the State aid formula.
Senate Floor Amendment No. 2 Deletes everything after the enacting clause. Amends the State aid formula provisions of the School Code. With respect to equalized assessed valuation data, for the 2009-2010 school year and each school year thereafter, if a school district has approved or does approve an increase in its limiting rate, pursuant to the Property Tax Extension Limitation Law, affecting the Base Tax Year, the Extension Limitation Equalized Assessed Valuation of the school district, as calculated by the State Board of Education, shall be equal to the product of the Equalized Assessed Valuation last used in the calculation of general State aid times an amount equal to one plus the percentage increase, if any, in the Consumer Price Index for all Urban Consumers for all items published by the United States Department of Labor for the 12-month calendar year preceding the Base Tax Year, plus the Equalized Assessed Valuation of new property, annexed property, and recovered tax increment value and minus the Equalized Assessed Valuation of disconnected property. Effective July 1, 2009.