HB5028 Summary

• State Board of Education shall provide grants to school districts that lose at least 15% of local resource revenue due to an industrial facility or plant closure resulting from a change in State law or rules.

• Eligible school districts receive grants equal to 50% of lost revenue from the closure, with funding coming from property tax relief pool appropriations (capped at 2% of total Section 2-3.170 funds annually).

• School districts must apply for grants in the tax year the closure occurs, and any remaining funds from the 2% plant closure allocation revert to general property tax relief pool grants.

• Grant amounts are included in the school district's Base Funding Minimum calculation under Section 18-8.15 of the School Code.

• State Board of Education shall adopt rules necessary to implement the program, including consulting with the Department of Commerce and Economic Opportunity to determine if closures result from State law or rule changes; effective immediately upon enactment.