Illinois § 18-4.4 Tax Equivalent Grants

Illinois Statutes

§ 18-4.4 — Tax Equivalent Grants

Illinois § 18-4.4

JurisdictionIllinois

TopicEDUCATION

Ch. 105SCHOOLS

Act 105 ILCS 5/School Code.

Art.Article 18 - Common School Fund

This text of Illinois § 18-4.4 (Tax Equivalent Grants) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

105 Ill. Comp. Stat. 18-4.4 (2026).

Text

When any State institution is located in a school district in which the State owns 45% or more of the total land area of the district, the State Superintendent of Education shall annually direct the State Comptroller to pay the amount of the tax-equivalent grants provided in this Section, and the State Comptroller shall draw his warrant upon the State Treasurer for the payment of the grants. For fiscal year 1995 and each fiscal year thereafter, the grant shall equal 0.5% of the equalized assessed valuation of the land owned by the State (computing that equalized assessed valuation by multiplying the average value per taxable acre of the school district by the total number of acres of land owned by the State). Annually on or before September 15, 1994 and July 1, thereafter, the district sup

Free access — add to your briefcase to read the full text and ask questions with AI

When any State institution is located in a school district in which the State owns 45% or more of the total land area of the district, the State Superintendent of Education shall annually direct the State Comptroller to pay the amount of the tax-equivalent grants provided in this Section, and the State Comptroller shall draw his warrant upon the State Treasurer for the payment of the grants. For fiscal year 1995 and each fiscal year thereafter, the grant shall equal 0.5% of the equalized assessed valuation of the land owned by the State (computing that equalized assessed valuation by multiplying the average value per taxable acre of the school district by the total number of acres of land owned by the State). Annually on or before September 15, 1994 and July 1, thereafter, the district superintendent shall certify to the State Board of Education the following matters: 1. The name of the State institution. 2. The total land area of the district in acres. 3. The total ownership of the land of the State in acres. 4. The total equalized assessed value of all the land in the district. 5. The rate of school tax payable in the year. 6. The computed amount of the tax-equivalent grant claimed. Failure of any district superintendent to certify the claim for the tax-equivalent grant on or before September 15, 1994 or July 1 of a subsequent year shall constitute a forfeiture by the district of its right to such grant for the school year. Notwithstanding any provision of law to the contrary or the disposition of State property which would affect the allocation of grants under this Section, a tax-equivalent grant may be awarded to a school district in which the State owns 40% or more of the total land area of the district if, as of the effective date of this amendatory Act of the 102nd General Assembly, the school district would otherwise qualify for a tax-equivalent grant under this Section as a district in which the State owns 45% or more of the total land area.