Bill Status of HB4042 100th General Assembly
Short Description: SCH CD-MAX AGG TAX RATE
Rep. Mark Batinick - Allen Skillicorn - Sheri Jesiel - Steven Reick and Margo McDermed
|Session Sine Die
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the School Code. Provides that, excluding any capital improvement tax, the aggregate tax rate levied annually by a school district shall not exceed 4%. Provides that school districts remain subject to (i) particular maximum tax rates set forth under the Code and (ii) the district's limiting rate under the Property Tax Extension Limitation Law, if applicable. Requires the State to appropriate and the State Board of Education to distribute to each school district funds sufficient to cover the revenue that the district would have received but for the reduction in its tax rate.