Bill > SB2779

This bill mandates that the Illinois Department of Revenue, in collaboration with the Governor's Office of Management and Budget (GOMB), will conduct a study to investigate the practicality of eliminating property taxes as the primary source of funding for school districts. The study will explore alternative State and local revenue streams, such as income, estate, real estate transfer, cannabis, use and occupation, and capital gains taxes, to replace the revenue lost from property taxes. Additionally, the study will examine how other states fund their schools without relying heavily on property taxes and will propose potential spending reductions or revenue increases necessary to implement such a change.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=2779&GAID=18&DocTypeID=SB&SessionID=114&GA=104