Sen. Larry K. Bomke
Filed: 5/29/2004
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1 | AMENDMENT TO HOUSE BILL 762
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2 | AMENDMENT NO. ______. Amend House Bill 762, AS AMENDED, | ||||||
3 | with reference to page and line numbers of Senate Amendment No. | ||||||
4 | 3, on page 1, line 5, by replacing "Section 18-4.6" with | ||||||
5 | "Sections 18-4.6 and 18-4.7"; and
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6 | on page 4, immediately below line 26, by inserting the | ||||||
7 | following: | ||||||
8 | "(105 ILCS 5/18-4.7 new)
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9 | Sec. 18-4.7. Tax equivalent grants; State Capitol. When the | ||||||
10 | State Capitol is located in a school district, the State | ||||||
11 | Superintendent of Education shall, subject to appropriation, | ||||||
12 | annually direct the State Comptroller to pay the amount of the | ||||||
13 | tax-equivalent grant provided in this Section, and the State | ||||||
14 | Comptroller shall draw his or her warrant upon the State | ||||||
15 | Treasurer for the payment of the grant. For fiscal year 2005 | ||||||
16 | and each fiscal year thereafter, the grant shall equal 0.5% of | ||||||
17 | the equalized assessed valuation of all land in the district | ||||||
18 | owned by the State (computing that equalized assessed valuation | ||||||
19 | by multiplying the average value per taxable acre of the school | ||||||
20 | district by the total number of acres of land owned by the | ||||||
21 | State). Annually on or before September 15, 2005 and July 1, | ||||||
22 | thereafter, the district superintendent shall certify to the | ||||||
23 | State Board of Education the following matters:
(1) that the | ||||||
24 | State Capitol is located within the district; (2) the total |
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1 | land area of the district in acres; (3) the total ownership of | ||||||
2 | the land of the State in the district in
acres; (4) the total | ||||||
3 | equalized assessed value of all the
land in the district; (5) | ||||||
4 | the rate of school tax payable in the year; and (6) the | ||||||
5 | computed amount of the tax-equivalent grant
claimed.
Failure of | ||||||
6 | any district superintendent to certify the claim for the | ||||||
7 | tax-equivalent grant on or before September 15, 2005 or July 1 | ||||||
8 | of a subsequent year shall constitute a forfeiture by the | ||||||
9 | district of its right to the grant for the school year. ".
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