Senate Sponsors: O'MALLEY-KARPIEL-BERMAN. Short description: SCH CD-ST AID-LOCAL RESOURCES Synopsis of Bill as introduced: Amends the School Code. Provides that the Available Local Resources of a grant-eligible district, as a component of the formula by which that district's general State aid is computed, shall be determined using an equalized assessed valuation of the district's taxable property that reflects the limitations placed by the Property Tax Extension Limitation Law on the growth in district property tax revenues. Effective July 1, 1999. SENATE AMENDMENT NO. 1. Replaces provisions concerning the caculation of the Extension Limitation Equalized Assessed Valuation of a school district. Provides instead that, for the 1999-2000 school year, the Extension Limitation Equalized Assessed Valuation of a school district shall be equal to the product of the district's 1996 Equalized Assessed Valuation and the district's Extension Limitation Ratio and, for the 2000-2001 school year and each school year thereafter, shall be equal to the product of the last calculated Extension Limitation Equalized Assessed Valuation and the district's Extension Limitation Ratio. SENATE AMENDMENT NO. 2. Provides that the term "Preceding Tax Year's Tax Extension" means the product of the equalized assessed valuation utilized by the County Clerk in the Preceding Tax Year multiplied by the Operating Tax Rate instead of the limiting rate. SENATE AMENDMENT NO. 3. Provides that for the purposes of calculating general State aid for the 1999-2000 school year only, if a school district experienced a triennial reassessment on the equalized assessed valuation used in calculating its general State financial aid apportionment for the 1998-1999 school year, the State Board of Education shall calculate the Extension Limitation Equalized Assessed Valuation that would have been used to calculate the district's 1998-1999 general State aid. Provides that this amount shall equal the product of the equalized assessed valuation used to calculate general State aid for the 1997-1998 school year and the district's Extension Limitation Ratio. Provides the if the Extension Limitation Equalized Assessed Valuation of the school district is less than the district's equalized assessed valuation utilized in calculating the district's 1998-1999 general State aid allocation, then for purposes of calculating the district's general State aid pursuant to these provisions, that Extension Limitation Equalized Assessed Valuation shall be utilized to calculate the district's Available Local Resources. Provides that the amount of general State aid allocated to a school district for the 1999-2000 school year meeting the requirements of these provisions shall be increased by an amount equal to the general State aid that would have been received by the district for the 1998-1999 school year by utilizing the Extension Limitation Equalized Assessed Valuation less the general State aid allotted for the 1998-1999 school year. Provides that this amount shall be deemed a one time increase and shall not affect any future general State aid allocations. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 3 END OF INQUIRY Full Text Bill Status