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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB3833 Introduced 2/14/2020, by Sen. Melinda Bush SYNOPSIS AS INTRODUCED:
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| 35 ILCS 200/18-184.15 new | |
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Amends the Property Tax Code. Provides that, if a school district reaches its adequacy target under the evidence-based funding formula in the School Code, then property taxpayers must be granted an abatement in the amount of any surplus funds generated from property tax revenue in that taxable year.
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| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | SB3833 | | LRB101 17741 HLH 67169 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by adding |
| 5 | | Section 18-184.15 as follows:
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| 6 | | (35 ILCS 200/18-184.15 new) |
| 7 | | Sec. 18-184.15. School district abatement. If a school |
| 8 | | district reaches its adequacy target under Section 18-8.15 of |
| 9 | | the School Code, as determined by the State Board of Education, |
| 10 | | then property taxpayers must be granted an abatement in the |
| 11 | | amount of any surplus funds generated from property tax revenue |
| 12 | | in that taxable year.
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