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HB4265 Engrossed |
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LRB093 19465 NHT 45203 b |
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| AN ACT concerning education.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The School Code is amended by adding Section |
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| 18-4.6 as follows:
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| (105 ILCS 5/18-4.6 new) |
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| Sec. 18-4.6. 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 |
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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.
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| Section 99. Effective date. This Act takes effect upon |