Bill Text: IL SB2995 | 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 property taxpayers within school districts in this State. Provides that the State Board of Education shall work with county clerk's offices in this State to determine the amount given to each property taxpayer. Provides that moneys awarded to property taxpayers shall be distributed pro rata based on the amount a property taxpayer paid in taxes in the previous fiscal year. Creates the Education Property Tax Relief Fund as a special fund in the State treasury for the purpose of awarding grants. Amends the State Finance Act to make conforming changes. Effective immediately.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced) 2024-07-11 - Added as Co-Sponsor Sen. Jason Plummer [SB2995 Detail]

Download: Illinois-2023-SB2995-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2995 Introduced 2/2/2024, by Sen. Tom Bennett 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 property taxpayers within school districts in this State. Provides that the State Board of Education shall work with county clerk's offices in this State to determine the amount given to each property taxpayer. Provides that moneys awarded to property taxpayers shall be distributed pro rata based on the amount a property taxpayer paid in taxes in the previous fiscal year. Creates the Education Property Tax Relief Fund as a special fund in the State treasury for the purpose of awarding grants. 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 15. 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
property taxpayers within school districts in this State. The
State Board of Education shall work with county clerk's
offices in this State to determine the amount given to each
property taxpayer. Moneys awarded to property taxpayers under
this Section shall be distributed pro rata based on the amount
a property taxpayer paid in taxes in the previous fiscal year.
The total grant amount given to property taxpayers who live
within a school district shall be based on the increase in a
school district's adjusted maximum aggregate property tax
extension for the taxable year that begins on January 1 of the
fiscal year the grant is given in comparison to the previous
fiscal year's aggregate property tax extension. Grants shall
be awarded from moneys appropriated for that purpose from the
Education Property Tax Relief Fund created in subsection (c).
(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

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Management and Budget shall certify to the State Comptroller
and the State Treasurer an amount equal to the 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 14 of the
Illinois Pension Code, the retirement system established under
Article 15 of the Illinois Pension Code, and the retirement
system established under Article 16 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.