Illinois General Assembly - Bill Status for SB3118
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 Bill Status of SB3118  93rd General Assembly


Short Description:  PROP TAX-SCHOOLS-PTELL O'HARE

Senate Sponsors
Sen. Frank C. Watson

Last Action
DateChamber Action
  1/11/2005SenateSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 200/18-185
105 ILCS 5/18-8.05


Synopsis As Introduced
Amends the Property Tax Extension Limitation Law in the Property Tax Code. For purposes of determining the "limiting rate" at which a school district may extend taxes, provides that in making its calculations a school district receiving tax liability payments from the City of Chicago for property acquired by the City of Chicago under the O'Hare Modernization Act shall include those payments in its aggregate extension base and shall include in the current year's equalized assessed value of taxable property the equalized assessed value of the property acquired for O'Hare expansion. Amends the State aid formula provisions of the School Code. In determining available local resources per pupil, provides that for the purpose of computing local property tax revenues per pupil, the equalized assessed value for a taxable year shall include the equalized assessed value, for the taxable year immediately prior to acquisition by the City of Chicago for purposes of the O'Hare Modernization Act, of acquired parcels for which tax liability payments are made to a school district under the O'Hare Modernization Act for that taxable year. Effective immediately.

Actions 
DateChamber Action
  2/6/2004SenateFiled with Secretary by Sen. Frank C. Watson
  2/6/2004SenateFirst Reading
  2/6/2004SenateReferred to Rules
  1/11/2005SenateSession Sine Die

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