Synopsis As Introduced Amends the State aid formula provisions of the School Code. Forms an evidence-based Professional Judgment Panel. Provides that the Panel shall update and revise a 2010 study and make recommendations for the implementation of an evidence-based adequacy and equity formula for the funding of all school districts. Specifies the members who shall serve on the Panel. Requires the Panel to recommend an adequate per pupil cost figure and a per pupil amount of local revenue figure. Provides that the Panel's recommendations shall incorporate identifiable and prototypical education expenses based on the school district type and student population size. Requires the Panel to submit a final recommendation for full funding of an equitable and adequate educational opportunity for all students by the 2020-2021 school year. Effective immediately.