IL HB3486

State Board of Education establishes and administers an annual property tax relief grant program for school districts from fiscal year 2024 through fiscal year 2029.

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

Grants distributed pro rata to school districts on a per pupil average daily attendance basis using prior school year data from district report cards.

Education Property Tax Relief Fund created as special fund in state treasury, funded by 75% of the difference between 23% of total state general fund appropriations and total state pension contributions, certified annually by September 1.

Unexpended amounts in the fund at fiscal year end transfer back to the General Revenue Fund; bill effective immediately upon becoming law.