IL SB2779

Directs the Illinois Department of Revenue, in consultation with the Governor's Office of Management and Budget, to conduct a feasibility study on phasing out property taxes as a funding source for school districts

Alternative revenue streams to be examined include income taxes, estate taxes, real estate transfer taxes, cannabis taxes, use and occupation taxes, and capital gains taxes

Requires the study to examine other states that do not primarily fund schools through property taxes

Study must propose spending cuts or increased revenue options to facilitate the transition away from property tax-based school funding

Amends the Department of Revenue Law of the Civil Administrative Code of Illinois by adding Section 2505-820