Illinois Compiled Statutes 105 ILCS 5/18-4.4 – Tax Equivalent Grants
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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
1. The name of the State institution.
Terms Used In Illinois Compiled Statutes 105 ILCS 5/18-4.4
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
2. The total land area of the district in acres.
3. The total ownership of the land of the State in
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acres.
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4. The total equalized assessed value of all the land
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in the district.
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5. The rate of school tax payable in the year.
6. The computed amount of the tax-equivalent grant
6. The computed amount of the tax-equivalent grant
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claimed.
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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.
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.