SB1552eng 101ST GENERAL ASSEMBLY

SB1552 Engrossed LRB101 09644 HLH 54742 b

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, 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 in fiscal year 2018 totaling 13% or more of their total revenues for fiscal year 2018.

(b) 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, 19% of the total amount distributed to the school district from the Personal Property Tax Replacement Fund during fiscal year 2018, provided that the total amount of additional distributions under this Section shall not exceed $4,769,101. If the total additional distributions exceed $4,769,101, such distributions shall be calculated on a pro rata basis, based on the percentage of each district's total fiscal year 2018 revenues to the total fiscal year 2018 revenues of all districts qualifying for an additional distribution under this Section.

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