Comments: IL HB3376 | 2019-2020 | 101st General Assembly

Illinois House Bill 3376 (Prior Session Legislation)

Bill Title: Provides that the amendatory Act may be referred to as the Property Tax Relief and Pension Stabilization Fund Act. Amends the State Finance Act to create the Property Tax Relief and Pension Stabilization Fund. Provides that moneys in the Fund shall be used for State contributions to the 5 State-funded retirement systems and shall be used for grants to school districts. Specifies the percentage of the moneys in the Fund that shall be used for State contributions and for grants to school districts. Amends the State Budget Law of the Civil Administrative Code of Illinois. Creates a continuing appropriation of $2,400,000,000 to the Fund. Amends the 5 State-funded Articles of the Illinois Pension Code. Makes changes to the funding formula, including changing the funding goal to 70% (instead of 90%) and providing that the amount of the contribution for the unfunded liability shall be an amount sufficient, in equal annual dollar amounts, to bring the total assets up to 70% of the total actuarial liabilities by 2045. Requires recertification of the amount of the fiscal year 2020 contribution. Amends the School Code. Provides that beginning State fiscal year 2021, the State Board of Education shall make grants to school districts from the Property Tax Relief and Pension Stabilization Fund and requires a school district that receives a grant from the Fund to certify to the county clerk the amount of the grant. Amends the Property Tax Code. Provides that the county clerk shall reduce the amount of tax levied by the amount certified by the school district. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee [HB3376 Detail]

Text: Latest bill text (Introduced) [HTML]