HB5612

Illinois HB5612 creates a property tax relief grant program for school districts, funded by the Education Property Tax Relief Fund.

Illinois HB5612 amends the School Code and State Finance Act to establish a property tax relief grant program for school districts. The State Board of Education will award grants to school districts, with the maximum aggregate property tax extension for a taxable year limited to the adjusted maximum aggregate property tax extension. The Education Property Tax Relief Fund, created under this bill, will receive annual certifications from the Governor's Office of Management and Budget. Unexpended amounts will be transferred to the General Revenue Fund.