IL HB2077

Amends the State Revenue Sharing Act by adding Section 11.3 regarding Personal Property Tax Replacement Fund distributions for fiscal year 2020.

State Board of Education must identify school districts receiving 13% or more of their total fiscal year 2018 revenues from Personal Property Tax Replacement Fund receipts.

Identified school districts receive an additional 11% of their total fiscal year 2018 Personal Property Tax Replacement Fund distributions in fiscal year 2020.

Total additional distributions capped at $4,353,136, with pro rata reductions if distributions would exceed the cap based on each district's percentage of total qualifying revenues.

Act takes effect immediately upon becoming law.