SB1552 101ST GENERAL ASSEMBLY

LRB101 09644 HLH 54742 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB1552

Introduced 2/15/2019, by Sen. Jil Tracy

SYNOPSIS AS INTRODUCED:

30 ILCS 115/11.3 new

Amends the State Revenue Sharing Act. Provides that each school district having Personal Property Tax Replacement Fund receipts totaling 13% or more of its total revenues in the previous fiscal year shall receive an additional amount equal to 11% of the total amount distributed to the school district from the Personal Property Tax Replacement Fund. Requires the State Board of Education to identify those school districts to the Department of Revenue. Provides that the total amount of additional distributions shall not exceed $4,353,136. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The State Revenue Sharing Act is amended by adding Section 11.3 as follows:

(30 ILCS 115/11.3 new)

Sec. 11.3. Funding of certain school districts.

(a) On July 1 of each year, beginning on July 1, 2019, or as soon as practical thereafter, the State Board of Education shall identify to the Department of Revenue school districts having Personal Property Tax Replacement Fund receipts totaling 13% or more of their total revenues in the previous fiscal year.

(b) Beginning in fiscal year 2020, any school district identified under subsection (a) shall receive, in addition to its annual distributions from the Personal Property Tax Replacement Fund, 11% of the total amount distributed to the school district from the Personal Property Tax Replacement Fund during the previous fiscal year, provided that the total amount of additional distributions under this Section shall not exceed $4,353,136. If the total additional distributions exceed $4,353,136, such distributions shall be calculated on a pro rata basis, based on the percentage of each district's total previous fiscal year revenues to the total previous fiscal year revenues of all districts qualifying for an additional distribution under this Section.

Section 99. Effective date. This Act takes effect upon becoming law.