• SB 2288 makes significant changes to tax and school funding laws.
• It reduces our reliance on property taxes to fund schools by mandating an annual property tax abatement of $2.9 billion (indexed to inflation for each subsequent year) with every property owner seeing a minimum of 20% property tax relief on the portion of the bill designated to education.
• 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 2009-2010 to $180 million in 2012-2013.
• Increases to the Foundation Level are phased in, raising it from $6,044 for the 2009-2010 school year (from $5,734) up to $6,974 for the 2012-2013 school year.  The Foundation Level and Supplemental General State Aid (Poverty Grants) are automatically tied to increases to the Employment Cost Index to control for inflation.
• Creates a School Improvement Partnership Fund to target resources to proven programs such as smaller class sizes, literacy coaching, longer school days and teacher mentoring;
• Maintains and expands grants for high-poverty schools
• The personal income tax is increased to 5% (from 3%), and the corporate income tax is increased to 8% (from 4.8%).
• Family Tax Credits are provided to single taxpayers earning less than $26,695 and married couples earning less than $53,694.

 Speaker Madigan Announces Regional Budget Meetings to Begin Next Week