Bill Text: IL SB3074 | 2017-2018 | 100th General Assembly | Introduced
Bill Title: Amends the Common School Fund Article of the School Code. Makes a technical change in a Section concerning Tax Equivalent Grants.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2019-01-09 - Session Sine Die [SB3074 Detail]
Download: Illinois-2017-SB3074-Introduced.html
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
1 | AN ACT concerning education.
| |||||||||||||||||||
2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||
3 | represented in the General Assembly:
| |||||||||||||||||||
4 | Section 5. The School Code is amended by changing Section | |||||||||||||||||||
5 | 18-4.4 as follows:
| |||||||||||||||||||
6 | (105 ILCS 5/18-4.4) (from Ch. 122, par. 18-4.4)
| |||||||||||||||||||
7 | Sec. 18-4.4. Tax Equivalent Grants. When any State | |||||||||||||||||||
8 | institution is
located in a school district in which the
the | |||||||||||||||||||
9 | State owns 45% or more of the
total land area of the district, | |||||||||||||||||||
10 | the State Superintendent of Education
shall annually direct the | |||||||||||||||||||
11 | State Comptroller to pay the amount of the
tax-equivalent | |||||||||||||||||||
12 | grants provided in this Section, and the State Comptroller | |||||||||||||||||||
13 | shall
draw his warrant upon the State Treasurer for the payment | |||||||||||||||||||
14 | of the grants. For
fiscal year 1995 and each fiscal year | |||||||||||||||||||
15 | thereafter,
the grant shall equal
0.5% of the equalized | |||||||||||||||||||
16 | assessed
valuation of the land owned by the State (computing | |||||||||||||||||||
17 | that equalized assessed
valuation by multiplying the average | |||||||||||||||||||
18 | value per taxable acre of the school
district by the total | |||||||||||||||||||
19 | number of acres of land owned by the State). Annually on
or | |||||||||||||||||||
20 | before September 15, 1994 and July 1, thereafter, the district
| |||||||||||||||||||
21 | superintendent shall certify to the State Board of Education | |||||||||||||||||||
22 | the following
matters:
| |||||||||||||||||||
23 | 1. The name of the State institution.
|
| |||||||
| |||||||
1 | 2. The total land area of the district in acres.
| ||||||
2 | 3. The total ownership of the land of the State in | ||||||
3 | acres.
| ||||||
4 | 4. The total equalized assessed value of all the land | ||||||
5 | in the district.
| ||||||
6 | 5. The rate of school tax payable in the year.
| ||||||
7 | 6. The computed amount of the tax-equivalent grant | ||||||
8 | claimed.
| ||||||
9 | Failure of any district superintendent to certify the
claim | ||||||
10 | for the tax-equivalent grant on or before September 15, 1994 or | ||||||
11 | July 1 of
a subsequent year shall constitute a forfeiture by | ||||||
12 | the district of its right to
such grant for the school year.
| ||||||
13 | (Source: P.A. 91-723, eff. 6-2-00.)
|