IL HB0924

Creates the School District Extension Freeze Law, limiting school district property tax extensions for educational purposes when reserves reach specified thresholds.

If a school district has 50% or more in educational fund reserves at the end of a levy year, the county clerk must extend an educational rate no greater than the previous year's rate for the next levy year.

For districts with 60% or more in educational fund reserves, the extension for educational purposes must be reduced by the difference between the prior year's reserve amount and a 60% reserve level.

Allows school districts to increase their educational limiting rate through a referendum approved by a majority of voters before the levy date, with results applicable for specified levy years.

Requires school districts to report reserve information to the State Board of Education and mandates property tax bills disclose when educational extensions were reduced under this law.

Effective July 1, 2020.