Springfield, IL…State Representative Kevin Schmidt has announced his co-sponsorship of House Bill 3467 (HB3467), aimed at bringing significant property tax relief to school districts across the state. This legislation seeks to amend the School Code, establishing an annual program administered by the State Board of Education to provide property tax relief grants to eligible school districts.
The key highlights of HB3467 include the following provisions:
-Empowerment of the State Board of Education to create and oversee an annual program offering property tax relief grants to school districts within the state.
-Stipulation that school districts receiving these grants must adhere to a maximum aggregate property tax extension for the taxable year commencing on January 1 of the fiscal year when the grant is awarded.
-Creation of the Education Property Tax Relief Fund designed to allocate appropriations for the grant program, ensuring relief for qualifying school districts.
-Amendments to the State Finance Act to facilitate necessary adjustments in support of this initiative.
If enacted, this legislation will provide tangible relief to communities burdened by property taxes, specifically targeting the education sector. By placing a cap on property tax extensions in exchange for these grants, the bill aims to alleviate financial pressures faced by school districts while ensuring quality education for our students.
Representative Schmidt expressed his enthusiasm for co-sponsoring this bill, stating, “The importance of reducing property tax burdens on our communities cannot be overstated. HB3467 presents a promising opportunity to alleviate the strain on both school districts and taxpayers while fostering an environment for quality education. I am committed to championing this crucial initiative for the benefit of our state’s educational institutions and our citizens.”
HB3467 marks a significant step toward creating a fairer and more sustainable educational financing system. Representative Schmidt urges fellow legislators to support this essential bill, emphasizing the long-term positive impact it will have on education and communities throughout the state.