Illinois HB5570 mandates a study on phasing out property taxes for school funding and replacing them with other revenue streams.
Illinois HB5570 requires the Department of Revenue, in consultation with the Governor's Office of Management and Budget, to conduct a study on the feasibility of phasing out property taxes as a funding source for school districts. The study will examine other states that do not primarily fund schools through property taxes and propose spending cuts or increased revenue to facilitate the change. Potential alternative revenue sources include income taxes, estate taxes, real estate transfer taxes, cannabis taxes, use and occupation taxes, and capital gains taxes.
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