HB 3305

Abstract

Amends the State aid formula provisions of the School Code with respect to equalized assessed valuation data. Removes language that provides that, with respect to any part of a school district within a redevelopment project area in respect to which a municipality has adopted tax increment allocation financing pursuant to the Tax Increment Allocation Redevelopment Act or the Industrial Jobs Recovery Law, no part of the current equalized assessed valuation of real property located in the project area that is attributable to an increase above the total initial equalized assessed valuation of the property shall be used as part of the equalized assessed valuation of the district until such time as all redevelopment project costs have been paid and that, for the purpose of the equalized assessed valuation of the district, the total initial equalized assessed valuation or the current equalized assessed valuation, whichever is lower, shall be used until such time as all redevelopment project costs have been paid. Effective July 1, 2013.