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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB0068
Introduced 1/26/2005, by Sen. Larry K. Bomke SYNOPSIS AS INTRODUCED:
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105 ILCS 5/18-4.4 |
from Ch. 122, par. 18-4.4 |
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Amends the School Code. Requires a tax-equivalent grant to be paid to any school district where a State-owned institution is located (now, a school district is entitled to a grant only if the State owns 45% or more of the total land area of the district). Provides that tax-equivalent grants are subject to appropriation. Effective July 1, 2005.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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SB0068 |
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LRB094 06348 NHT 36424 b |
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| AN ACT concerning education.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The School Code is amended by changing Section |
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| 18-4.4 as follows:
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| (105 ILCS 5/18-4.4) (from Ch. 122, par. 18-4.4)
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| Sec. 18-4.4. Tax Equivalent Grants. Subject to |
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| appropriation, when
When any State-owned
State institution is
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| located in a school district in which the State owns 45% or |
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| more of the
total land area of the district, the State |
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| Superintendent of Education
shall annually direct the State |
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| Comptroller to pay the amount of the
tax-equivalent grants |
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| provided in this Section, and the State Comptroller shall
draw |
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| his warrant upon the State Treasurer for the payment of the |
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| grants. For
fiscal year 1995 and each fiscal year thereafter,
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| the grant shall equal
0.5% of the equalized assessed
valuation |
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| of the land owned by the State (computing that equalized |
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| assessed
valuation by multiplying the average value per taxable |
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| acre of the school
district by the total number of acres of |
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| land owned by the State). Annually on
or before September 15, |
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| 1994 and July 1, thereafter
or, for a school district to which |
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| this Section first applies on the effective date of this |
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| amendatory Act of the 94th General Assembly, annually on or |
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| before September 15, 2005 and July 1 thereafter, the district
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| superintendent shall certify to the State Board of Education |
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| the following
matters:
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| 1. The name of the State institution.
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| 2. The total land area of the district in acres.
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| 3. The total ownership of the land of the State in |
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| acres.
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| 4. The total equalized assessed value of all the land |
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| in the district.
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