IL HB3376 | 2019-2020 | 101st General Assembly

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 15 2019 - 25% progression, died in committee
Action: 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Provides that the amendatory Act may be referred to as the Property Tax Relief and Pension Stabilization Fund Act. Amends the State Finance Act to create the Property Tax Relief and Pension Stabilization Fund. Provides that moneys in the Fund shall be used for State contributions to the 5 State-funded retirement systems and shall be used for grants to school districts. Specifies the percentage of the moneys in the Fund that shall be used for State contributions and for grants to school districts. Amends the State Budget Law of the Civil Administrative Code of Illinois. Creates a continuing appropriation of $2,400,000,000 to the Fund. Amends the 5 State-funded Articles of the Illinois Pension Code. Makes changes to the funding formula, including changing the funding goal to 70% (instead of 90%) and providing that the amount of the contribution for the unfunded liability shall be an amount sufficient, in equal annual dollar amounts, to bring the total assets up to 70% of the total actuarial liabilities by 2045. Requires recertification of the amount of the fiscal year 2020 contribution. Amends the School Code. Provides that beginning State fiscal year 2021, the State Board of Education shall make grants to school districts from the Property Tax Relief and Pension Stabilization Fund and requires a school district that receives a grant from the Fund to certify to the county clerk the amount of the grant. Amends the Property Tax Code. Provides that the county clerk shall reduce the amount of tax levied by the amount certified by the school district. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Tracking Information

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Title

PENSION & EDUCATION FUNDING

Sponsors


History

DateChamberAction
2019-03-29HouseRule 19(a) / Re-referred to Rules Committee
2019-03-14HouseTo Property Tax Subcommittee
2019-03-05HouseAssigned to Revenue & Finance Committee
2019-02-15HouseReferred to Rules Committee
2019-02-15HouseFirst Reading
2019-02-15HouseFiled with the Clerk by Rep. Mark Batinick

Code Citations

ChapterArticleSectionCitation TypeStatute Text
10552-3.176New CodeSee Bill Text
152050-21New CodeSee Bill Text
301055.891New CodeSee Bill Text
301056z-107New CodeSee Bill Text
308058.43New CodeSee Bill Text
3520018-45Amended CodeCitation Text
4051-103.3Amended CodeCitation Text
40514-131Amended CodeCitation Text
40514-135.08Amended CodeCitation Text
40515-155Amended CodeCitation Text
40515-165Amended CodeCitation Text
40516-158Amended CodeCitation Text
40518-131Amended CodeCitation Text
40518-140Amended CodeCitation Text
4052-124Amended CodeCitation Text
4052-134Amended CodeCitation Text

Illinois State Sources


Bill Comments

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