Is Your Senator a Co-Sponsor of SB 750?
 
 
Click here to see if your Senator is a sponsor.  If not, please contact him or her and tell them to co-sponsor SB 750!
 
 
Senate Bill 750 provides a new, permanent revenue source for schools, property tax relief for homeowners and 
$1 billion for debt service for a state infrastructure program.  It is the only piece of legislation that will truly reform the way education is funded in Illinois by making the state the primary funder of K-12 education.  The bill also provides $300 million for community colleges and universities
 

 Last week SB 750 passed the Senate Education Committee.  The Center for Tax and Budget Accountability testified at the hearing in support of the legislation.

SB 750 makes significant changes to tax and school funding laws.
 
  • Reduces reliance on property taxes to fund schools by doubling the Illinois residential property tax credit.
  • The Invest in Illinois Fund is created and funded with $1 billion each year to provide funding for debt service and fees on bonds for capital projects, such as roads and schools, throughout the State.
  • The bill also mandates a $300 million annual appropriation (indexed for inflation) for grants to institutions of Higher Education.
  • Increases for Early Childhood education are phased in, from $45 million in fiscal year 2010 to $180 million in fiscal year 2013.
  • Increases to the Foundation Level are phased in, raising it to $8,410 over four years (from $5,959).  The Foundation Level and Supplemental General State Aid (Poverty Grants) are automatically tied to increases to the Employment Cost Index to control for inflation.
  • Doubles the special education personnel reimbursement rate.
  • Maintains and expands grants for high-poverty schools.
  • Funds teacher and principal mentoring programs.
  • Provides funding for science, math and technology programs.
  • The personal income tax is increased to 5% (from 3%).
  • Expands the sales tax base to include only what Illinois' neighbor states tax.
  • A Family Tax Credit is provided to low and middle income taxpayers to help offset the income tax increase.
  • Triples the Earned Income Tax Credit to offset any tax increase on the working poor.

 

    Click here to listen to a presentation on education funding and tax reform by the Center for Tax and Budget Accountability.