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.


LRB103 37908 RJT 68040 b

 

 

A BILL FOR

 

SB2995LRB103 37908 RJT 68040 b

1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Finance Act is amended by adding
5Section 5.1015 as follows:
 
6    (30 ILCS 105/5.1015 new)
7    Sec. 5.1015. The Education Property Tax Relief Fund.
 
8    Section 15. The School Code is amended by adding Section
92-3.204 as follows:
 
10    (105 ILCS 5/2-3.204 new)
11    Sec. 2-3.204. School district property tax relief grant
12program.
13    (a) As used in this Section:
14    "Adjusted maximum aggregate property tax extension" means
15the highest aggregate property tax extension that a school
16district is authorized by law to levy, without regard to this
17Section, for the taxable year for which the adjusted maximum
18aggregate property tax extension is calculated, minus the
19grant amount received by the school district for the fiscal
20year that ends during the taxable year for which the adjusted
21maximum aggregate property tax extension is calculated.

 

 

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1    "Aggregate property tax extension" means the annual
2corporate extension for the school district and those special
3purpose extensions that are made annually for a school
4district.
5    "Taxable year" means the calendar year during which
6property taxes payable in the next succeeding year are levied.
7    (b) For State fiscal year 2025 and each State fiscal year
8thereafter, the State Board of Education shall establish and
9administer a program to award property tax relief grants to
10property taxpayers within school districts in this State. The
11State Board of Education shall work with county clerk's
12offices in this State to determine the amount given to each
13property taxpayer. Moneys awarded to property taxpayers under
14this Section shall be distributed pro rata based on the amount
15a property taxpayer paid in taxes in the previous fiscal year.
16The total grant amount given to property taxpayers who live
17within a school district shall be based on the increase in a
18school district's adjusted maximum aggregate property tax
19extension for the taxable year that begins on January 1 of the
20fiscal year the grant is given in comparison to the previous
21fiscal year's aggregate property tax extension. Grants shall
22be awarded from moneys appropriated for that purpose from the
23Education Property Tax Relief Fund created in subsection (c).
24    (c) The Education Property Tax Relief Fund is created as a
25special fund in the State treasury. By September 1, 2024 and by
26September 1 of each year thereafter, the Governor's Office of

 

 

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1Management and Budget shall certify to the State Comptroller
2and the State Treasurer an amount equal to the difference, if
3any, between (i) 25% of the total amount appropriated from all
4State general funds as part of the State budget for the fiscal
5year that begins on the immediately preceding July 1,
6including any amounts appropriated for the purpose of making
7grants under this Section, and (ii) the total amount
8appropriated by the State, including any continuing
9appropriations, for that fiscal year as State contributions to
10the retirement system established under Article 14 of the
11Illinois Pension Code, the retirement system established under
12Article 15 of the Illinois Pension Code, and the retirement
13system established under Article 16 of the Illinois Pension
14Code. Upon receiving the certified amount from the Governor's
15Office of Management and Budget, the State Comptroller shall
16order transferred and the State Treasurer shall transfer the
17certified amount from the General Revenue Fund to the
18Education Property Tax Relief Fund. Any unexpended amounts
19remaining in the Education Property Tax Relief Fund on the
20last day of the fiscal year shall be transferred from the
21Education Property Tax Relief Fund to the General Revenue
22Fund.
 
23    Section 99. Effective date. This Act takes effect upon
24becoming law.