Illinois General Assembly - Bill Status for SB0316

Replaces everything after the enacting clause. Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that, for the 2016 and 2017 levy years, the Property Tax Extension Limitation Law applies to each home rule and non-home rule taxing district in the State; provided that it does not apply to the City of Chicago or a school district organized under Article 34 of the School Code for the 2016 levy year. Provides that, for the 2016 and 2017 levy years, "extension limitation" means 0% or the rate of increase approved by the voters. Provides that, beginning with the 2018 levy year, the term "extension limitation" reverts back to (a) the lesser of 5% or the percentage increase in the Consumer Price Index during the 12-month calendar year preceding the levy year or (b) the rate of increase approved by voters. Provides that, beginning with the 2018 levy year, the Law applies to each non-home rule taxing district in the State, but does not apply to a school district organized under Article 34 of the School Code. Preempts home rule. Amends the Chicago Teacher Article of the Illinois Pension Code. Requires the State to contribute to the Fund $199,200,000 for fiscal year 2015 and $207,000,000 for fiscal year 2016; includes provisions for certifications and monthly payments by voucher. Provides that beginning in fiscal year 2017, the State shall contribute an amount equal to the employer normal cost for that fiscal year. Specifies the amount of the Chicago Board of Education's total required contribution for fiscal years 2016 and 2017. Provides that beginning fiscal year 2018, the Chicago Board of Education's minimum contribution to the Fund shall be an amount sufficient to bring the total assets of the Fund up to 90% of the total actuarial liabilities of the Fund by the end of fiscal year 2063. Amends the State Pension Funds Continuing Appropriation Act. Provides for a continuing appropriation to the Public School Teachers' Pension and Retirement Fund of Chicago, on a continuing monthly basis, of the amount, if any, by which the total available amount of all other State appropriations to that Retirement Fund for the payment of certain State contributions is less than the total amount of the vouchers for required State contributions lawfully submitted by the Retirement Fund for that month under applicable provisions of the Illinois Pension Code. Amends the School Code. Repeals provisions concerning block grants and the State aid formula on June 1, 2017. With respect to the State aid formula, sets forth provisions concerning a supplemental grant to entities that receive general State aid. Creates a General State Aid Commission to propose a revised school funding formula for Illinois schools. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Replaces everything after the enacting clause. Amends the Property Tax Extension Limitation Law in the Property Tax Code. Makes changes concerning the definitions of "taxing district" and "extension limitation" to provide that, for the 2016 and 2017 levy years, the Law applies to all home rule and non-home rule taxing districts outside of Cook County, and the extension limitation for those districts in those levy years is 0%. Provides that, for the 2017 and 2018 levy years, the Law applies to all home rule and non-home rule taxing districts within Cook County, and the extension limitation for those districts in those levy years is 0%. Preempts home rule. Makes changes concerning the extension limitation for certain public safety extensions. Amends the Chicago Teacher Article of the Illinois Pension Code. Requires the State to contribute to the Fund $197,000,000 for fiscal year 2016; includes provisions for certifications and monthly payments by voucher. Provides that beginning in fiscal year 2017, the State shall contribute an amount equal to the employer normal cost for that fiscal year. Specifies the amount of the Chicago Board of Education's total required contribution for fiscal years 2016 and 2017 and provides that those amounts shall not be reduced by the amount of any State contribution to the Fund. Provides that beginning fiscal year 2018, the Chicago Board of Education's minimum contribution to the Fund shall be an amount sufficient to bring the total assets of the Fund up to 90% of the total actuarial liabilities of the Fund by the end of fiscal year 2063. Amends the State Pension Funds Continuing Appropriation Act. Provides for a continuing appropriation to the Public School Teachers' Pension and Retirement Fund of Chicago, on a continuing monthly basis, of the amount, if any, by which the total available amount of all other State appropriations to that Retirement Fund for the payment of certain State contributions is less than the total amount of the vouchers for required State contributions lawfully submitted by the Fund for that month under applicable provisions of the Illinois Pension Code. Amends the School Code. Repeals provisions concerning school district block grants and the State aid formula on June 1, 2017. With respect to the State aid formula, sets forth provisions concerning a supplemental grant to entities that receive general State aid. Creates a General State Aid Committee to propose a revised school funding formula for Illinois schools. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

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