Illinois General Assembly - Illinois Compiled Statutes

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105 ILCS 5/18-9

(105 ILCS 5/18-9) (from Ch. 122, par. 18-9)

Sec. 18-9.

Requirement for special equalization and supplementary
State aid.

If property comprising an aggregate assessed valuation equal to 6% or
more
of the total assessed valuation of all taxable property in a school district is
owned by a
person or corporation that is the subject of bankruptcy proceedings or that has
been
adjudged bankrupt and, as a result thereof, has not paid taxes on the
property, then the
district may amend its general State aid or evidence-based funding claim (i) back to the inception of the
bankruptcy,
not to exceed 6 years, in which time those taxes were not paid and (ii) for
each
succeeding year that those taxes remain unpaid, by adding to the claim an
amount
determined by multiplying the assessed valuation of the property on which taxes
have not
been paid due to the bankruptcy by the lesser of the total tax rate for the
district for the
tax year for which the taxes are unpaid or the applicable rate used in
calculating the
district's general State aid under paragraph (3) of subsection (D) of Section
18-8.05 of
this Code or evidence-based funding under Section
18-8.15 of
this Code, as applicable. If at any time a district that receives additional State aid under
this Section receives tax revenue from the property for the years that taxes were not
paid, the
district's next claim for State aid shall be reduced in an amount equal to the
taxes paid on
the property, not to exceed the additional State aid received under this Section.
Claims under this Section shall be filed on forms prescribed by the
State
Superintendent of Education, and the State Superintendent of Education, upon
receipt of
a claim, shall adjust the claim in accordance with the provisions of this Section.
Supplementary State aid for each succeeding year under this Section

shall be paid
beginning with the first general State aid or evidence-based funding claim paid after the district has
filed a
completed claim in accordance with this Section.

(Source: P.A. 100-465, eff. 8-31-17.)