IL HB3695

Reduces the base educational tax levy rate from 3.07% to 2.81% for Chicago school districts for fiscal year 1996 and subsequent years.

Establishes a new 0.26% tax levy beginning in fiscal year 2016 specifically for employer contributions to the Public School Teachers' Pension and Retirement Fund of Chicago.

Specifies that the new pension tax levy does not increase the district's maximum aggregate extension or limiting rate under the Property Tax Extension Limitation Law and constitutes a continuation of the existing total maximum rate.

Allows school boards to submit propositions to voters to increase the annual educational tax rate up to a maximum of 4.00%, with voter approval required at a general or special election.

Expands the definition of "educational purposes" to include school construction, facility improvements, special education, textbooks, equipment, playgrounds, extracurricular activities, and student transportation expenses.