Bill Status of HB4997 102nd General Assembly
Short Description: PROP TX-SCHOOL DISTRICTS
Rep. Fred Crespo
| 1/8/2019||House||Session Sine Die|
Statutes Amended In Order of Appearance
|35 ILCS 200/Art. 18 Div. 7 heading new|
Synopsis As Introduced
Amends the Property Tax Code. Creates the School District Extension Freeze Law. Provides that, if at the end of any levy year, a school district has reserves of 50% or more of its operating budget, then the school district's extension for all purposes may not exceed its extension for the previous levy year. Provides that, if the school district has reserves of 60% or more at the end of the immediately preceding levy year, then the district's extension shall be reduced by an amount equal to the difference between the district's reserve amount for the immediately preceding levy year and a reserve amount of 60% for that levy year. Effective July 1, 2019.