HB5812 Summary

• Amends Illinois School Code to modify evidence-based funding formula for K-12 public education, establishing a system that allocates state funds based on adequacy targets calculated for each school district considering student demographics, regional wage differences, and local property tax capacity.

• Creates four tier system for distributing new state funding: Tier 1 receives 50%, Tier 2 receives 49%, Tier 3 receives 0.9%, and Tier 4 receives 0.1% of new state funds, with tier placement determined by each district's percent of adequacy.

• Establishes "Essential Elements" funding components including core teachers, specialist teachers, instructional facilitators, guidance counselors, nurses, librarians, principals, special education services, professional development, instructional materials, technology equipment ($285.50 per student with additional $285.50 for Tier 1 and Tier 2 districts), and maintenance/operations.

• Modifies Section 2-3.170 regarding property tax relief pool grants, allowing school districts to receive tax relief up to specified percentages of equalized assessed valuation (1% for unit districts, 0.69% for elementary districts, 0.31% for high school districts).

• Creates Professional Review Panel to study implementation of evidence-based funding model and recommend recalibrations of per-pupil funding elements annually and periodic review of maintenance/operations, special education, technology needs, and other adequacy components.