IL SB1880

Adds Section 18-4.6 to the School Code establishing tax-equivalent grants for school districts containing the State Capitol.

State Superintendent of Education directs State Comptroller to annually pay grants equal to 0.5% of the equalized assessed valuation of state-owned land in the district, calculated by multiplying average taxable acre value by total state-owned acres.

District superintendents must certify to the State Board of Education by September 15, 2014 and July 1 thereafter: Capitol location, district land area, state land ownership, equalized assessed land values, school tax rates, and computed grant amounts.

Districts that fail to submit required certification by the deadline forfeit their right to the grant for that school year.

Act takes effect upon becoming law, with grants beginning in fiscal year 2014.