HB 437

Abstract

Amends the Property Tax Code and School Code. Provides a notice form that must be used by school districts (other than Chicago) proposing a tax increase (now, all taxing districts use the same form). Excludes from the definition of "aggregate extension" a special purpose extension made for mandate shortfall relief under the School Code. Changes the definition of "debt service extension base" for school districts (other than Chicago). Requires a school district's annual financial statement to include a report showing the receipts and disbursements for special educational and transportation purposes. Provides that any shortfall in those funds permits the school board to levy (i) a mandate shortfall relief tax for special education mandates and (ii) a mandate shortfall relief tax for transportation mandates. Effective immediately.