Bill Status of SB3148 98th General Assembly
Short Description: PENCD-CHGO TEACHER-TAX LEVY
Sen. Mattie Hunter
| 1/13/2015||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that the Chicago Board of Education shall levy a property tax annually at a rate that will produce an amount equal to the amount of member contributions to the Fund during the fiscal year 2 years prior to the year for which the tax is levied, subject to a maximum rate of .26%. Provides that the Board of Education shall use the proceeds of the tax for the purpose of making employer contributions to the Chicago Teachers' Pension Fund. Effective immediately.