SB1880 EngrossedLRB098 09247 NHT 39386 b



1    AN ACT concerning education.

 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:


 
4    Section 5. The School Code is amended  by adding Section 
518-4.6 as follows:
 
6    (105 ILCS 5/18-4.6  new)
7    Sec. 18-4.6. Tax equivalent grants; State Capitol. When the 
8State Capitol is located in a school district, the State 
9Superintendent of Education shall, subject to appropriation,  
10annually direct the State Comptroller to pay the amount of the 
11tax-equivalent grant provided in this Section, and the State 
12Comptroller shall draw his or her warrant upon the State 
13Treasurer for the payment of the grant. For fiscal year 2014 
14and each fiscal year thereafter, the grant shall equal 0.5% of 
15the equalized assessed valuation of all land in the district 
16owned by the State (computing that equalized assessed valuation 
17by multiplying the average value per taxable acre of the school 
18district by the total number of acres of land owned by the 
19State). Annually on or before September 15, 2014 and July 1 
20thereafter, the district superintendent shall certify to the 
21State Board of Education the following matters:
        (1) that the 
22State Capitol is located within the district; (2) the total 
23land area of the district in acres; (3) the total ownership of 
 
 
SB1880 Engrossed- 2 -LRB098 09247 NHT 39386 b

1the land of the State in the district in
     acres; (4) the total 
2equalized assessed value of all the
     land in the district; (5) 
3the rate of school tax payable in the year; and (6) the 
4computed amount of the tax-equivalent grant
     claimed.

    Failure of 
5any district superintendent to certify the claim for the 
6tax-equivalent grant on or before September 15, 2014 or July 1 
7of a subsequent year shall constitute a forfeiture by the 
8district of its right to the grant for the school year.
 

9    Section 99. Effective date. This Act takes effect upon 
10becoming law.