SB0318 Summary

• Adds new tax levy authority for Chicago Public Schools to make employer contributions to the Public School Teachers' Pension and Retirement Fund of Chicago at a rate not to exceed 0.383%, effective immediately upon passage of the bill.

• Directs that pension tax proceeds be paid directly to the pension fund rather than to the Board of Education, and specifies this rate is not subject to property tax extension limitations.

• Requires the school board to certify the pension contribution rate to the county clerk on the bill's effective date for the 2016 tax year, with the county clerk extending the rate against all taxable property in the district.

• Amends the Property Tax Code definition of "aggregate extension" to include extensions made by school districts for employer contributions to the Public School Teachers' Pension and Retirement Fund of Chicago under Section 34-53 of the School Code.

• Sets the aggregate extension base for West Northfield School District No. 31 in Cook County at $12,654,592 for levy year 2012.