Bill Status of SB 508   95th General Assembly

Short Description:  EDUCATION FINANCE

Senate Sponsors
Sen. Michael W. Frerichs

Last Action  View All Actions

DateChamber Action
  1/13/2009SenateSession Sine Die

Statutes Amended In Order of Appearance
30 ILCS 105/5.675 new
30 ILCS 105/5.680 new
30 ILCS 105/6z-69 new
30 ILCS 105/6z-70 new
30 ILCS 105/8h
35 ILCS 5/201from Ch. 120, par. 2-201
35 ILCS 5/202.5 new
35 ILCS 5/208from Ch. 120, par. 2-208
35 ILCS 5/212
35 ILCS 5/901from Ch. 120, par. 9-901
35 ILCS 200/18-178 new
35 ILCS 200/18-255
35 ILCS 200/20-15
35 ILCS 200/21-30
105 ILCS 5/17-2.2afrom Ch. 122, par. 17-2.2a
105 ILCS 5/17-3from Ch. 122, par. 17-3
105 ILCS 5/17-4from Ch. 122, par. 17-4
105 ILCS 5/17-5from Ch. 122, par. 17-5
105 ILCS 5/18-8.05
105 ILCS 5/18-19from Ch. 122, par. 18-19
105 ILCS 5/18-25 new
105 ILCS 5/20-3from Ch. 122, par. 20-3
105 ILCS 5/20-7from Ch. 122, par. 20-7
105 ILCS 5/34-31from Ch. 122, par. 34-31
105 ILCS 5/34-53from Ch. 122, par. 34-53

Synopsis As Introduced
Amends the State Finance Act. Creates the School District Property Tax Relief Fund. Requires appropriations from the Education Assistance Fund. Requires the Department of Revenue to certify property tax relief grants for school districts from the Fund. Sets forth procedures for these grants. Creates the Higher Education Operating Assistance Fund for the purpose of grants to colleges and universities. Requires annual appropriations to the Fund. Sets forth requirements for appropriating and using moneys from the Fund. Amends the Illinois Income Tax Act. Increases the rate of income tax for individuals, trusts, and estates from 3% to 5% and for corporations from 4.8% to 8%. Requires this additional revenue to be deposited into the Education Assistance Fund. Increases the amount of the earned income tax credit and the education expense credit. Limits the amount of the property tax credit to $30. Amends the Property Tax Code. Requires abatements of education extensions by the amount of the property tax relief grants received. Amends the School Code. Increases the foundation level of support and grant amount for supplemental general State aid. Changes the distribution of moneys from the Education Assistance Fund. Establishes the Education Assistance Fund Board to make biennial recommendations concerning appropriations from the Education Assistance Fund. Creates a continuing appropriation. Makes other changes. Effective immediately.

Actions 
DateChamber Action
  2/8/2007SenateFiled with Secretary by Sen. Michael W. Frerichs
  2/8/2007SenateFirst Reading
  2/8/2007SenateReferred to Rules
  1/13/2009SenateSession Sine Die

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