IL SB3074

Amends Section 18-4.4 of the School Code regarding Tax Equivalent Grants for school districts containing State institutions.

Makes a technical correction by removing a duplicate word "the" in the provision describing districts where the State owns 45% or more of total land area.

Requires district superintendents to annually certify to the State Board of Education information about State institutions, district land area, State land ownership, equalized assessed values, and computed tax-equivalent grant amounts.

Specifies that tax-equivalent grants equal 0.5% of the equalized assessed valuation of State-owned land, calculated using the average value per taxable acre in the district.

Institutes a forfeiture penalty whereby districts that fail to certify claims by September 15, 1994 or July 1 in subsequent years lose their right to the grant for that school year.