HB2750 Summary

• Amends the School Code Section 34-53 to require the Chicago Board of Education to levy a 0.383% annual tax on all taxable property within the district for employer contributions to the Public School Teachers' Pension and Retirement Fund of Chicago, changing the previous "may levy" language to mandatory "shall levy."

• Changes the tax rate certification requirement to apply to tax year 2017 instead of 2016, with the board certifying the rate to the county clerk on the effective date of this amendatory act.

• Specifies that tax proceeds must be paid directly to the Public School Teachers' Pension and Retirement Fund of Chicago, not to the Board of Education, and that this rate is not considered a new rate under property tax extension limitation laws.

• Takes effect immediately upon becoming law with a nonacceleration clause confirming the effective date does not accelerate or delay changes made by this act or other public acts.