Sec. 11.1. Funding of certain school districts.

161 words·~1 min read·/il/chapter-30/act-115/11-1

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(a)On July 1, 2016, or as soon as practical thereafter, the State Board of Education shall identify to the Department of Revenue school districts having Personal Property Tax Replacement Fund receipts totaling 15% or more of their total revenues in fiscal year 2015.

(b)In fiscal year 2017, any school district identified under subsection

(a)shall receive, in addition to its annual distributions from the Personal Property Tax Replacement Fund, 7% of the total amount distributed to the school district from the Personal Property Tax Replacement Fund during fiscal year 2015, provided that the total amount of additional distributions under this Section shall not exceed $2,900,000. If the total additional distributions exceed $2,900,000, such distributions shall be calculated on a pro rata basis, based on the percentage of each district's total fiscal year 2015 revenues to the total fiscal year 2015 revenues of all districts qualifying for an additional distribution under this Section.