|
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB2260 Introduced 11/1/2017, by Sen. Jil Tracy SYNOPSIS AS INTRODUCED:
|
| |
Amends the State Revenue Sharing Act. Provides that, in fiscal year 2018, each school district having Personal Property Tax Replacement Fund receipts totaling 13% or more of its total revenues in fiscal year 2016 shall receive an additional amount equal to 11% of the total amount distributed to the school district from the Personal Property Tax Replacement Fund during fiscal year 2016. Requires the State Board of Education to identify those school districts to the Department of Revenue. Provides that the total amount of additional distributions shall not exceed $4,353,136. Effective immediately.
|
| |
| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
|
|
| | SB2260 | | LRB100 15361 AXK 30334 b |
|
|
| 1 | | AN ACT concerning revenue.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The State Revenue Sharing Act is amended by |
| 5 | | adding Section 11.2 as follows:
|
| 6 | | (30 ILCS 115/11.2 new) |
| 7 | | Sec. 11.2. Funding of certain school districts; fiscal year |
| 8 | | 2018. |
| 9 | | (a) On July 1, 2017, or as soon as practical thereafter, |
| 10 | | the State Board of Education shall identify to the Department |
| 11 | | of Revenue school districts having Personal Property Tax |
| 12 | | Replacement Fund receipts totaling 13% or more of their total |
| 13 | | revenues in fiscal year 2016. |
| 14 | | (b) In fiscal year 2018, any school district identified |
| 15 | | under subsection (a) shall receive, in addition to its annual |
| 16 | | distributions from the Personal Property Tax Replacement Fund, |
| 17 | | 11% of the total amount distributed to the school district from |
| 18 | | the Personal Property Tax Replacement Fund during fiscal year |
| 19 | | 2016, provided that the total amount of additional |
| 20 | | distributions under this Section shall not exceed $4,353,136. |
| 21 | | If the total additional distributions exceed $4,353,136, such |
| 22 | | distributions shall be calculated on a pro rata basis, based on |
| 23 | | the percentage of each district's total fiscal year 2016 |