IL SB2206

Applies Property Tax Extension Limitation Law to all school districts statewide beginning in 2017 levy year, except Chicago School District #299 and qualifying school districts exempted by State Board of Education affirmative vote.

Sets "extension limitation" to 0% for newly-subject school districts (those not subject in 2016 levy year) unless voters approve a higher rate by referendum, while maintaining 5% or Consumer Price Index cap for previously-subject districts.

Allows school districts to qualify for exemption if they meet financial distress criteria under School Code Section 1A-8, experience 10% or greater decrease in equalized assessed valuation, or are designated Tier 1 districts; exemptions require annual reapplication.

Prohibits referenda under Section 18-214 to remove law applicability from school districts for 2017 levy year and thereafter.

Effective immediately upon becoming law.