(105 ILCS 5/2-3.192)
(Section scheduled to be repealed on July 1, 2024)
Significant loss grant program.
Subject to specific State appropriation, the State Board shall make Significant Loss Grants available to school districts that meet all of the following requirements:
(1) The district has been affected by a
recent substantial loss of contributions from a single taxpayer that resulted in either a significant loss of the overall district Equalized Assessed Value or a significant loss in property tax revenue from January 1, 2018 through the effective date of this amendatory Act of the 103rd General Assembly.
(2) The district's total equalized
assessed value is significantly derived from a single taxpayer.
(3) The district's administrative office
is located in a county with less than 30,000 inhabitants.
(4) The district has a total student
enrollment of less than 500 students as published on the most recent Illinois School Report Card.
(5) The district has a low income
concentration of at least 45% as published on the most recent Illinois School Report Card.
The Professional Review Panel shall make recommendations to the State Board regarding grant eligibility and allocations. The State Board shall determine grant eligibility and allocations.
This Section is repealed on July 1, 2024.
(Source: P.A. 102-699, eff. 4-19-22; 103-8, eff. 6-7-23.)