103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB3467

 

Introduced 2/17/2023, by Rep. Tim Ozinga

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 105/5.990 new
105 ILCS 5/1A-12 new

    Amends the School Code. Provides that the State Board of Education shall establish and administer an annual program to award property tax relief grants to school districts in the State. Provides that, in exchange for receiving a grant, the school district's maximum aggregate property tax extension for the taxable year that begins on January 1 of the fiscal year for which the grant is awarded may not exceed a specified maximum aggregate property tax extension. Creates the Education Property Tax Relief Fund for the purpose of making appropriations for the grant program. Amends the State Finance Act to make conforming changes. Effective immediately.


LRB103 30521 RJT 56954 b

 

 

A BILL FOR

 

HB3467LRB103 30521 RJT 56954 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Finance Act is amended by adding
5Section 5.990 as follows:
 
6    (30 ILCS 105/5.990 new)
7    Sec. 5.990. The Education Property Tax Relief Fund.
 
8    Section 15. The School Code is amended by adding Section
91A-12 as follows:
 
10    (105 ILCS 5/1A-12 new)
11    Sec. 1A-12. School District Property Tax Relief Grant
12Program; Education Property Tax Relief Fund.
13    (a) As used in this Section:
14    "Adjusted maximum aggregate property tax extension" means
15the highest aggregate property tax extension that the district
16is authorized by law to levy, without regard to this Section,
17for the taxable year for which the adjusted maximum aggregate
18property tax extension is calculated, minus the grant amount
19received by the school district for the fiscal year that ends
20during the taxable year for which the adjusted maximum
21aggregate property tax extension is calculated.

 

 

HB3467- 2 -LRB103 30521 RJT 56954 b

1    "Aggregate property tax extension" means the annual
2corporate extension for the school district and those special
3purpose extensions that are made annually for the school
4district.
5    "Taxable year" means the calendar year during which
6property taxes payable in the next succeeding year are levied.
7    (b) For State fiscal year 2024 and each State fiscal year
8thereafter, the State Board of Education shall establish and
9administer an annual program to award property tax relief
10grants to school districts in the State. In exchange for
11receiving a grant under this Section, the school district's
12maximum aggregate property tax extension for the taxable year
13that begins on January 1 of the fiscal year for which the grant
14is awarded may not exceed its adjusted maximum aggregate
15property tax extension for that taxable year. Grants shall be
16awarded from moneys appropriated for that purpose from the
17Education Property Tax Relief Fund created in subsection (c).
18Moneys awarded to school districts under this Section shall be
19distributed pro rata on a per pupil average daily attendance
20basis, as reported in the school district report card for the
21immediately preceding school year under Section 10-17a of the
22School Code.
23    (c) The Education Property Tax Relief Fund is hereby
24created as a special fund in the State treasury. By September
251, 2023, and by September 1 of each calendar year thereafter,
26the Governor's Office of Management and Budget shall certify

 

 

HB3467- 3 -LRB103 30521 RJT 56954 b

1to the State Comptroller and the State Treasurer an amount
2equal to the difference, if any, between (i) 25% of the total
3amount appropriated from all State general funds as part of
4the State budget for the fiscal year that begins on the
5immediately preceding July 1, including any amounts
6appropriated for the purpose of making grants under this
7Section, and (ii) the total amount appropriated by the State,
8including any continuing appropriations, for that fiscal year
9as State contributions to the retirement system established
10under Article 16 of the Illinois Pension Code and the
11retirement fund established under Article 17 of the Illinois
12Pension Code. Upon receiving the certified amount from the
13Governor's Office of Management and Budget, the Comptroller
14shall order transferred and the Treasurer shall transfer the
15certified amount from the General Revenue Fund to the
16Education Property Tax Relief Fund. Any unexpended amounts
17remaining in the Fund on the last day of the State fiscal year
18shall be transferred from the Education Property Tax Relief
19Fund to the General Revenue Fund.
 
20    Section 99. Effective date. This Act takes effect upon
21becoming law.