IL HB5834

State Board of Education shall establish and administer an annual property tax relief grant program for school districts beginning in State fiscal year 2024.

School districts receiving grants must limit their maximum aggregate property tax extension to their adjusted maximum aggregate property tax extension minus the grant amount received.

Grants are distributed pro rata to school districts on a per pupil average daily attendance basis as reported in the prior year's school district report card.

Creates the Education Property Tax Relief Fund, funded annually by transferring 25% of total State general fund appropriations minus State pension contributions from the General Revenue Fund to the Education Property Tax Relief Fund.

Unexpended funds in the Education Property Tax Relief Fund at the end of each fiscal year are transferred back to the General Revenue Fund, and the Act takes effect immediately upon becoming law.