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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB2223
Introduced 2/26/2007, by Rep. Michael J. Madigan - Barbara Flynn Currie - Michael K. Smith SYNOPSIS AS INTRODUCED: |
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105 ILCS 5/18-4.4 |
from Ch. 122, par. 18-4.4 |
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Amends the Common School Fund Article of the School Code. Makes a technical
change in a Section concerning Tax Equivalent Grants.
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A BILL FOR
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HB2223 |
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LRB095 01156 NHT 21158 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 changing Section |
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| 18-4.4 as follows:
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| (105 ILCS 5/18-4.4) (from Ch. 122, par. 18-4.4)
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| Sec. 18-4.4. Tax Equivalent Grants. When any State |
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| institution is
located in a school district in which the
the
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| State owns 45% or more of the
total land area of the district, |
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| the State Superintendent of Education
shall annually direct the |
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| State Comptroller to pay the amount of the
tax-equivalent |
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| grants provided in this Section, and the State Comptroller |
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| shall
draw his warrant upon the State Treasurer for the payment |
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| of the grants. For
fiscal year 1995 and each fiscal year |
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| thereafter,
the grant shall equal
0.5% of the equalized |
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| assessed
valuation of the land owned by the State (computing |
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| that equalized assessed
valuation by multiplying the average |
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| value per taxable acre of the school
district by the total |
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| number of acres of land owned by the State). Annually on
or |
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| before September 15, 1994 and July 1, thereafter, the district
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| superintendent shall certify to the State Board of Education |
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| the following
matters:
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| 1. The name of the State institution.
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