Bill Text: IL HB4866 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the School Code. Provides that the State Board of Education shall establish and administer a program to award property tax relief grants to school districts in this State. Provides that, in exchange for receiving a grant, a school district's maximum aggregate property tax extension for the taxable year that begins on January 1 of the fiscal year for which the grant is awarded may not exceed an adjusted maximum aggregate property tax extension for that taxable year. Creates the Education Property Tax Relief Fund as a special fund in the State treasury for the purpose of awarding grants. Sets forth provisions concerning the Education Property Tax Relief Fund. Amends the State Finance Act to make conforming changes. Effective immediately.

Spectrum: Partisan Bill (Republican 16-0)

Status: (Introduced) 2024-04-09 - Chief Sponsor Changed to Rep. Dan Ugaste [HB4866 Detail]

Download: Illinois-2023-HB4866-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4866 Introduced , by Rep. Tim Ozinga SYNOPSIS AS INTRODUCED:
30 ILCS 105/5.1015 new
105 ILCS 5/2-3.204 new
Amends the School Code. Provides that the State Board of Education shall establish and administer a program to award property tax relief grants to school districts in this State. Provides that, in exchange for receiving a grant, a school district's maximum aggregate property tax extension for the taxable year that begins on January 1 of the fiscal year for which the grant is awarded may not exceed an adjusted maximum aggregate property tax extension for that taxable year. Creates the Education Property Tax Relief Fund as a special fund in the State treasury for the purpose of awarding grants. Sets forth provisions concerning the Education Property Tax Relief Fund. Amends the State Finance Act to make conforming changes. Effective immediately.
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A BILL FOR
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AN ACT concerning education.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The State Finance Act is amended by adding
Section 5.1015 as follows:
(30 ILCS 105/5.1015 new)
Sec. 5.1015. The Education Property Tax Relief Fund.
Section 10. The School Code is amended by adding Section
2-3.204 as follows:
(105 ILCS 5/2-3.204 new)
Sec. 2-3.204. School district property tax relief grant
program.
(a) As used in this Section:
"Adjusted maximum aggregate property tax extension" means
the highest aggregate property tax extension that a school
district is authorized by law to levy, without regard to this
Section, for the taxable year for which the adjusted maximum
aggregate property tax extension is calculated, minus the
grant amount received by the school district for the fiscal
year that ends during the taxable year for which the adjusted
maximum aggregate property tax extension is calculated.

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"Aggregate property tax extension" means the annual
corporate extension for the school district and those special
purpose extensions that are made annually for a school
district.
"Taxable year" means the calendar year during which
property taxes payable in the next succeeding year are levied.
(b) For State fiscal year 2025 and each State fiscal year
thereafter, the State Board of Education shall establish and
administer a program to award property tax relief grants to
school districts in this State. In exchange for receiving a
grant under this Section, a school district's maximum
aggregate property tax extension for the taxable year that
begins on January 1 of the fiscal year for which the grant is
awarded may not exceed its adjusted maximum aggregate property
tax extension for that taxable year. Grants shall be awarded
from moneys appropriated for that purpose from the Education
Property Tax Relief Fund created in subsection (c). Moneys
awarded to school districts under this Section shall be
distributed pro rata on a per pupil average daily attendance
basis, as reported in the school district report card for the
immediately preceding school year under Section 10-17a.
(c) The Education Property Tax Relief Fund is created as a
special fund in the State treasury. By September 1, 2024, and
by September 1 of each year thereafter, the Governor's Office
of Management and Budget shall certify to the State
Comptroller and the State Treasurer an amount equal to the

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difference, if any, between (i) 25% of the total amount
appropriated from all State general funds as part of the State
budget for the fiscal year that begins on the immediately
preceding July 1, including any amounts appropriated for the
purpose of making grants under this Section, and (ii) the
total amount appropriated by the State, including any
continuing appropriations, for that fiscal year as State
contributions to the retirement system established under
Article 2 of the Illinois Pension Code, the retirement system
established under Article 14 of the Illinois Pension Code, the
retirement system established under Article 15 of the Illinois
Pension Code, the retirement system established under Article
16 of the Illinois Pension Code, the retirement fund
established under Article 17 of the Illinois Pension Code, and
the retirement system established under Article 18 of the
Illinois Pension Code. Upon receiving the certified amount
from the Governor's Office of Management and Budget, the State
Comptroller shall order transferred and the State Treasurer
shall transfer the certified amount from the General Revenue
Fund to the Education Property Tax Relief Fund. Any unexpended
amounts remaining in the Education Property Tax Relief Fund on
the last day of the fiscal year shall be transferred from the
Education Property Tax Relief Fund to the General Revenue
Fund.