EDUCATION FINANCE Senate SponsorsSen. Michael W. Frerichs 1/13/2009SenateSession Sine Die 30 ILCS 105/5.675 new30 ILCS 105/5.680 new30 ILCS 105/6z-69 new30 ILCS 105/6z-70 new30 ILCS 105/8h35 ILCS 5/201from Ch. 120, par. 2-20135 ILCS 5/202.5 new35 ILCS 5/208from Ch. 120, par. 2-20835 ILCS 5/21235 ILCS 5/901from Ch. 120, par. 9-90135 ILCS 200/18-178 new35 ILCS 200/18-25535 ILCS 200/20-1535 ILCS 200/21-30105 ILCS 5/17-2.2afrom Ch. 122, par. 17-2.2a105 ILCS 5/17-3from Ch. 122, par. 17-3105 ILCS 5/17-4from Ch. 122, par. 17-4105 ILCS 5/17-5from Ch. 122, par. 17-5105 ILCS 5/18-8.05105 ILCS 5/18-19from Ch. 122, par. 18-19105 ILCS 5/18-25 new105 ILCS 5/20-3from Ch. 122, par. 20-3105 ILCS 5/20-7from Ch. 122, par. 20-7105 ILCS 5/34-31from Ch. 122, par. 34-31105 ILCS 5/34-53from Ch. 122, par. 34-53Amends the State Finance Act. Creates the School District Property Tax Relief Fund. Requires appropriations from the Education Assistance Fund. Requires the Department of Revenue to certify property tax relief grants for school districts from the Fund. Sets forth procedures for these grants. Creates the Higher Education Operating Assistance Fund for the purpose of grants to colleges and universities. Requires annual appropriations to the Fund. Sets forth requirements for appropriating and using moneys from the Fund. Amends the Illinois Income Tax Act. Increases the rate of income tax for individuals, trusts, and estates from 3% to 5% and for corporations from 4.8% to 8%. Requires this additional revenue to be deposited into the Education Assistance Fund. Increases the amount of the earned income tax credit and the education expense credit. Limits the amount of the property tax credit to $30. Amends the Property Tax Code. Requires abatements of education extensions by the amount of the property tax relief grants received. Amends the School Code. Increases the foundation level of support and grant amount for supplemental general State aid. Changes the distribution of moneys from the Education Assistance Fund. Establishes the Education Assistance Fund Board to make biennial recommendations concerning appropriations from the Education Assistance Fund. Creates a continuing appropriation. Makes other changes. Effective immediately. 2/8/2007SenateFiled with Secretary by Sen. Michael W. Frerichs 2/8/2007SenateFirst Reading 2/8/2007SenateReferred to Rules 1/13/2009SenateSession Sine Die