IL HB4988

Creates the School District Extension Freeze Law, capping school district educational fund extensions when reserves reach 50% or more at the end of a levy year.

Freezes educational extension at the prior year's level for districts with 50-60% reserves and requires additional reduction for districts exceeding 60% reserves.

Allows school districts to exceed the educational limiting rate only through a referendum approved by a majority of voters before the levy date.

Requires county clerks to calculate separate limiting rates for educational purposes and other funds when districts are subject to both this law and the Property Tax Extension Limitation Law.

Mandates property tax bills include a separate statement showing the amount by which a school district's educational extension was reduced due to excess reserves of 60% or more.