IL HB3467

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 for the applicable taxable year to their adjusted maximum minus the grant amount received.

Grant funds shall be distributed pro rata to school districts on a per pupil average daily attendance basis as reported in school district report cards.

Creates the Education Property Tax Relief Fund as a special state treasury fund to be used for grant appropriations.

Governor's Office of Management and Budget must certify annually by September 1st an amount equal to the difference between 25% of total state general fund appropriations and total state contributions to pension systems under Articles 16 and 17 of the Illinois Pension Code, which is then transferred to the Education Property Tax Relief Fund.