IL SB2157

Amends the State Revenue Sharing Act by adding Section 11.3 to provide additional funding to certain school districts in fiscal year 2021.

School districts with Personal Property Tax Replacement Fund receipts totaling 13% or more of their total revenues for fiscal year 2018 shall receive an additional 19% distribution based on their fiscal year 2018 Personal Property Tax Replacement Fund amounts.

Total additional distributions cannot exceed $4,769,101; if distributions would exceed this cap, they shall be reduced on a pro rata basis according to each qualifying district's share of total fiscal year 2018 revenues.

State Board of Education shall identify qualifying school districts to the Department of Revenue by July 1, 2021, or as soon as practical thereafter.

Act takes effect immediately upon becoming law.