HB 5534

Abstract

Amends the State aid formula provisions of the School Code. 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. Provides that a school district does not qualify for supplemental general State aid if its available local resources per pupil exceeds an amount equal to the amount of general State aid, per pupil, allotted to the school district plus the amount of the supplemental general State aid grant, per pupil, for which the district would otherwise qualify. Effective July 1, 2014.