Bill Text: IL HB3486 | 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 an annual program to award property tax relief grants to school districts in the State. Provides that, in exchange for receiving a grant, the 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 a specified maximum aggregate property tax extension. Creates the Education Property Tax Relief Fund for the purpose of making appropriations for the grant program. Amends the State Finance Act to make conforming changes. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee [HB3486 Detail]

Download: Illinois-2023-HB3486-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3486 Introduced , by Rep. Mark L. Walker SYNOPSIS AS INTRODUCED:
30 ILCS 105/5.990 new
105 ILCS 5/1A-12 new
Amends the School Code. Provides that the State Board of Education shall establish and administer an annual program to award property tax relief grants to school districts in the State. Provides that, in exchange for receiving a grant, the 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 a specified maximum aggregate property tax extension. Creates the Education Property Tax Relief Fund for the purpose of making appropriations for the grant program. 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 revenue.
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 5.990 as follows:
(30 ILCS 105/5.990 new)
Sec. 5.990. The Education Property Tax Relief Fund.
Section 15. The School Code is amended by adding Section
1A-12 as follows:
(105 ILCS 5/1A-12 new)
Sec. 1A-12. School District Property Tax Relief Grant
Program; Education Property Tax Relief Fund.
(a) From State fiscal year 2024 through State fiscal year
2029, the State Board of Education shall establish and
administer an annual program to award property tax relief
grants to school districts in the State. In exchange for
receiving a grant under this Section, the 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

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awarded from moneys appropriated for that purpose from the
Education Property Tax Relief Fund created in subsection (b).
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 of the
School Code.
(b) The Education Property Tax Relief Fund is hereby
created as a special fund in the State treasury. By September
1, 2023, and by September 1 of each calendar year thereafter,
the Governor's Office of Management and Budget shall certify
to the State Comptroller and the State Treasurer an amount
equal to 75% of the difference, if any, between (i) 23% 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 16 of the Illinois Pension Code and the
retirement fund established under Article 17 of the Illinois
Pension Code. Upon receiving the certified amount from the
Governor's Office of Management and Budget, the Comptroller
shall order transferred, and the Treasurer shall transfer, the
certified amount from the General Revenue Fund to the

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Education Property Tax Relief Fund. Any unexpended amounts
remaining in the Fund on the last day of the State fiscal year
shall be transferred from the Education Property Tax Relief
Fund to the General Revenue Fund.
(c) As used in this Section:
"Adjusted maximum aggregate property tax extension" means
the highest aggregate property tax extension that the 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.
"Aggregate property tax extension" means the annual
corporate extension for the school district and those special
purpose extensions that are made annually for the school
district.
"Taxable year" means the calendar year during which
property taxes payable in the next succeeding year are levied.
Section 99. Effective date. This Act takes effect upon
becoming law.