IL HB4263

For 2016 and 2017 levy years, applies the Property Tax Extension Limitation Law (PTELL) to all taxing districts including home rule units and school districts with a 0% extension limitation unless voters approve a higher rate.

Modifies PTELL to preempt home rule authority for those two levy years and creates a framework for voter referenda on extension limitation increases specific to 2016 and 2017.

Creates a General State Aid Committee to propose a revised school funding formula for Illinois public schools by July 1, 2016, with 12 members representing various stakeholder groups appointed by the State Superintendent and Chicago Board of Education.

Suspends the ability to hold referenda under Section 18-214 to remove PTELL applicability for levy years 2016 and 2017.

Exempts the bill's mandates from state reimbursement requirements under the State Mandates Act.