Illinois General Assembly - Full Text of SB1880
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Full Text of SB1880  98th General Assembly

SB1880eng 98TH GENERAL ASSEMBLY



 


 
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1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The School Code is amended by adding Section
518-4.6 as follows:
 
6    (105 ILCS 5/18-4.6 new)
7    Sec. 18-4.6. Tax equivalent grants; State Capitol. When the
8State Capitol is located in a school district, the State
9Superintendent of Education shall, subject to appropriation,
10annually direct the State Comptroller to pay the amount of the
11tax-equivalent grant provided in this Section, and the State
12Comptroller shall draw his or her warrant upon the State
13Treasurer for the payment of the grant. For fiscal year 2014
14and each fiscal year thereafter, the grant shall equal 0.5% of
15the equalized assessed valuation of all land in the district
16owned by the State (computing that equalized assessed valuation
17by multiplying the average value per taxable acre of the school
18district by the total number of acres of land owned by the
19State). Annually on or before September 15, 2014 and July 1
20thereafter, the district superintendent shall certify to the
21State Board of Education the following matters: (1) that the
22State Capitol is located within the district; (2) the total
23land area of the district in acres; (3) the total ownership of

 

 

SB1880 Engrossed- 2 -LRB098 09247 NHT 39386 b

1the land of the State in the district in acres; (4) the total
2equalized assessed value of all the land in the district; (5)
3the rate of school tax payable in the year; and (6) the
4computed amount of the tax-equivalent grant claimed. Failure of
5any district superintendent to certify the claim for the
6tax-equivalent grant on or before September 15, 2014 or July 1
7of a subsequent year shall constitute a forfeiture by the
8district of its right to the grant for the school year.
 
9    Section 99. Effective date. This Act takes effect upon
10becoming law.