O'MALLEY. 105 ILCS 5/18-8.05 Amends the State aid formula provisions of the School Code. For the 2000-2001 school year and each school year thereafter, provides that if more than 50% of the real property equalized assessed valuation for a school district is from residential property, then the real property equalized assessed valuation shall be adjusted by subtracting from the real property value as equalized or assessed by the Department of Revenue for the district a specified percentage of the residential property amount of the real property equalized assessed valuation. SENATE AMENDMENT NO. 1. Reduces (by 50%) the specified percentages of the residential property amount of the real property equalized assessed valuation that are subtracted from the real property value as equalized or assessed by the Department of Revenue. Requires the extension of real property taxes for a school district whose real property equalized assessed valuation has been adjusted under these provisions to be abated by the county clerk in which the school district is located by an amount that reflects the difference between the amount of State aid the school district has received during the immediately preceding calendar year and the amount of State aid the school district would have received during the immediately preceding calendar year if the district's real property equalized assessed valuation had not been adjusted as provided under these provisions. 99-02-09 S FIRST READING 99-02-09 S REFERRED TO SENATE RULES COMMITTEE RULES 99-02-17 S ASSIGNED TO COMMITTEE REVENUE 99-03-04 S HELD IN COMMITTEE 99-03-11 S POSTPONED 99-03-18 S AMENDMENT NO. 01-REVENUE S 99-03-18 S ADOPTED 99-03-18 S DO PASS AS AMENDED 006-001-003 SREV 99-03-18 S PLACED ON CALENDAR ORDER OF 2ND READING 99-03-19 99-06-27 S REFER TO RULES/PURSUANT SEN RULE 3-9 (B) RULES SRUL 01-01-09 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary