HB 5612

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Full Text of HB5612
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					HB5612 - 104th General Assembly
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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB5612
Introduced 2/13/2026, by Rep. Travis Weaver
SYNOPSIS AS INTRODUCED:
30 ILCS 105/5.1038 new
105 ILCS 5/2-3.214 new
    Amends the School Code. Provides that the State Board of Education shall establish and administer a program to award property tax relief grants to school districts in this State. Provides that, in exchange for receiving a grant, a school district's maximum aggregate property tax extension for the taxable year may not exceed its adjusted maximum aggregate property tax extension for that taxable year. Amends the State Finance Act to create the Education Property Tax Relief Fund.
				LRB104 20415 HLH 33879 b
A BILL FOR
		HB5612		LRB104 20415 HLH 33879 b
1		    AN ACT concerning revenue.
2		    Be it enacted by the People of the State of Illinois,
3		represented in the General Assembly:
4		    Section 5. The State Finance Act is amended by adding
5		Section 5.1038 as follows:
6		    (30 ILCS 105/5.1038 new)
7		    Sec. 5.1038. The Education Property Tax Relief Fund.
8		    Section 10. The School Code is amended by adding Section
9		2-3.214 as follows:
10		    (105 ILCS 5/2-3.214 new)
11		    Sec. 2-3.214. School district property tax relief grant 
12		program.
13		    (a) As used in this Section:
14		    "Adjusted maximum aggregate property tax extension" means 
15		the highest aggregate property tax extension that a school 
16		district is authorized by law to levy, without regard to this 
17		Section, for the taxable year for which the adjusted maximum 
18		aggregate property tax extension is calculated, minus the 
19		grant amount received by the school district for the fiscal 
20		year that ends during the taxable year for which the adjusted 
21		maximum aggregate property tax extension is calculated.
		HB5612	- 2 -	LRB104 20415 HLH 33879 b
1		    "Aggregate property tax extension" means the annual 
2		corporate extension for the school district and those special 
3		purpose extensions that are made annually for a school 
4		district.
5		    "Taxable year" means the calendar year during which 
6		property taxes payable in the next succeeding year are levied.
7		    (b) For State fiscal year 2030 and each State fiscal year 
8		thereafter, the State Board of Education shall establish and 
9		administer a program to award property tax relief grants to 
10		school districts in this State. In exchange for receiving a 
11		grant under this Section, a school district's maximum 
12		aggregate property tax extension for the taxable year that 
13		begins on January 1 of the fiscal year for which the grant is 
14		awarded may not exceed its adjusted maximum aggregate property 
15		tax extension for that taxable year. Grants shall be awarded 
16		from moneys appropriated for that purpose from the Education 
17		Property Tax Relief Fund created in subsection (c). Moneys 
18		awarded to school districts under this Section shall be 
19		distributed pro rata on a per-pupil average daily attendance 
20		basis, as reported in the school district report card for the 
21		immediately preceding school year under Section 10-17a.
22		    (c) The Education Property Tax Relief Fund is created as a 
23		special fund in the State treasury. By September 1, 2030, and 
24		by September 1 of each year thereafter, the Governor's Office 
25		of Management and Budget shall certify to the State 
26		Comptroller and the State Treasurer an amount equal to 
		HB5612	- 3 -	LRB104 20415 HLH 33879 b
1		$600,000,000 in each of the State fiscal years 2030 through 
2		2033 and $1,700,000,000 in fiscal year 2034 and every fiscal 
3		year thereafter. Upon receiving the certified amount from the 
4		Governor's Office of Management and Budget, the State 
5		Comptroller shall order transferred and the State Treasurer 
6		shall transfer the certified amount from the General Revenue 
7		Fund to the Education Property Tax Relief Fund. Any unexpended 
8		amounts remaining in the Education Property Tax Relief Fund on 
9		the last day of the fiscal year shall be transferred from the 
10		Education Property Tax Relief Fund to the General Revenue 
11		Fund.