Illinois HB5611 establishes a property tax relief grant program for school districts and additional transfers to the Pension Stabilization Fund.
Illinois HB5611 amends the Budget Stabilization Act to provide additional scheduled transfers to the Pension Stabilization Fund, setting specific termination conditions and clarifying allocation and applicability of payments. It establishes a property tax relief grant program for school districts, funded by the Education Property Tax Relief Fund. Grants are awarded based on a per pupil average daily attendance basis and are distributed pro rata.
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