Sen. Larry K. Bomke
Filed: 5/29/2004
 
 

 




 

 		












09300HB0762sam004

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AMENDMENT TO HOUSE BILL 762 




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    AMENDMENT NO. ______. Amend House Bill 762, AS AMENDED, 
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with reference to page and line numbers of Senate Amendment No. 
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3, on page 1, line 5, by replacing "Section 18-4.6" with 
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"Sections 18-4.6 and 18-4.7"; and

 
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on page 4, immediately below line 26, by inserting the 
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following:
 
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    "(105 ILCS 5/18-4.7 new)

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    Sec. 18-4.7. Tax equivalent grants; State Capitol. When the 
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State Capitol is located in a school district, the State 
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Superintendent of Education shall, subject to appropriation,  
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annually direct the State Comptroller to pay the amount of the 
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tax-equivalent grant provided in this Section, and the State 
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Comptroller shall draw his or her warrant upon the State 
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Treasurer for the payment of the grant. For fiscal year 2005 
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and each fiscal year thereafter, the grant shall equal 0.5% of 
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the equalized assessed valuation of all land in the district 
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owned by the State (computing that equalized assessed valuation 
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by multiplying the average value per taxable acre of the school 
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district by the total number of acres of land owned by the 
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State). Annually on or before September 15, 2005 and July 1, 
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thereafter, the district superintendent shall certify to the 
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State Board of Education the following matters:
        (1) that the 
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State Capitol is located within the district; (2) the total 
 


 






09300HB0762sam004
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LRB093 05405 NHT 51897 a




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land area of the district in acres; (3) the total ownership of 
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the land of the State in the district in
     acres; (4) the total 
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equalized assessed value of all the
     land in the district; (5) 
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the rate of school tax payable in the year; and (6) the 
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computed amount of the tax-equivalent grant
     claimed.

    Failure of 
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any district superintendent to certify the claim for the 
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tax-equivalent grant on or before September 15, 2005 or July 1 
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of a subsequent year shall constitute a forfeiture by the 
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district of its right to the grant for the school year.".