IL HB5611

Creates the Education Property Tax Relief Fund and establishes a grant program for school districts beginning in Fiscal Year 2030, with grants distributed on a per-pupil average daily attendance basis

Requires annual transfers to the Education Property Tax Relief Fund of $300 million in fiscal years 2030-2033, increasing to $850 million annually starting in fiscal year 2034

School districts receiving grants must reduce their maximum aggregate property tax extension by the grant amount received, providing direct property tax relief to taxpayers

Mandates additional transfers to the Pension Stabilization Fund of $300 million annually from FY2030-2033 and $850 million annually from FY2034 until 2045 or until all designated state retirement systems reach 100% funding

Pension fund payments from these new transfers are supplemental and cannot be used to reduce the state's existing required pension contributions under the Illinois Pension Code