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Synopsis As Introduced Amends the School Code. In recomputing a general State aid claim that was originally calculated using an extension limitation equalized assessed valuation, provides that a qualifying reduction in equalized assessed valuation shall be deducted from the extension limitation equalized assessed valuation that was used in calculating the original claim. Provides that in calculating the amount of State aid to be apportioned to school districts, the State Board of Education shall incorporate and deduct the total aggregate adjustments to assessments made by the State Property Tax Appeal Board or Cook County Board of Appeals from the equalized assessed valuation that is otherwise to be utilized in the initial calculation. Effective immediately.
House Committee Amendment No. 1 (Tabled 05-14-03) Provides that, in calculating the amount of State aid to be apportioned to the various school districts in this State, the State Board of Education shall incorporate and deduct the total aggregate adjustments to assessments made by court order in a tax objection case from the equalized assessed valuation that is otherwise to be utilized in the initial calculation.
Governor Amendatory Veto Message Recommends requiring that from the total amount of general State aid to be provided to districts, adjustments not exceed $20 million of the general State aid appropriation in any fiscal year.
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