Illinois SB2779 proposes a study on replacing property taxes for school funding with other state and local revenue streams.
Illinois SB2779 mandates the Department of Revenue to conduct a study on phasing out property taxes as a funding source for school districts. The study will explore replacing this revenue with other state and local revenue streams, including income, estate, real estate transfer, cannabis, use and occupation, and capital gains taxes. 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.
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