EDUCATION PROPERTY TAX RELIEF

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HB5611 - 104th General Assembly

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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB5611

Introduced 2/13/2026, by Rep. Travis Weaver

SYNOPSIS AS INTRODUCED:

30 ILCS 105/5.1038 new
30 ILCS 122/20
30 ILCS 122/25
105 ILCS 5/2-3.214 new

Amends the Budget Stabilization Act. Provides additional scheduled
transfers to the Pension Stabilization Fund, sets termination conditions,
and clarifies allocation and applicability of payments. Amends the School
Code. Establishes a property tax relief grant program for school districts
beginning in Fiscal Year 2030, funded from the Education Property Tax
Relief Fund. Makes conforming changes in the State Finance Act.
LRB104 20416 HLH 33880 b

A BILL FOR

HB5611
LRB104 20416 HLH 33880 b
1

AN ACT concerning finance.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

4

Section 5.
The State Finance Act is amended by adding
5
Section 5.1038 as follows:

6

(30 ILCS 105/5.1038 new)
7

Sec. 5.1038.
The Education Property Tax Relief Fund.

8

Section 10.
The Budget Stabilization Act is amended by
9
changing Sections 20 and 25 as follows:

10

(30 ILCS 122/20)
11

(Text of Section WITHOUT the changes made by P.A. 98-599,
12
which has been held unconstitutional)
13

Sec. 20.
Pension Stabilization Fund.
14

(a) The Pension Stabilization Fund is hereby created as a
15
special fund in the State treasury. Moneys in the fund shall be
16
used for the sole purpose of making payments to the designated
17
retirement systems as provided in Section 25.
18

(b) For each fiscal year when the General Assembly's
19
appropriations and transfers or diversions as required by law
20
from general funds do not exceed 99% of the estimated general
21
funds revenues pursuant to subsection (a) of Section 10, the

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1
Comptroller shall transfer from the General Revenue Fund as
2
provided by this Section a total amount equal to 0.5% of the
3
estimated general funds revenues to the Pension Stabilization
4
Fund.
5

(c) For each fiscal year when the General Assembly's
6
appropriations and transfers or diversions as required by law
7
from general funds do not exceed 98% of the estimated general
8
funds revenues pursuant to subsection (b) of Section 10, the
9
Comptroller shall transfer from the General Revenue Fund as
10
provided by this Section a total amount equal to 1.0% of the
11
estimated general funds revenues to the Pension Stabilization
12
Fund.
13

(c-5) In addition to any other transfers that may be
14
provided by law, the Comptroller shall transfer from the
15
General Revenue Fund to the Pension Stabilization Fund the
16
amount set forth as follows for each of the specified fiscal
17
years:
18
Fiscal Year
Amount
19
2030-2033
$300,000,000
20
2034-Completion
$850,000,000
21

(c-10) The transfers made beginning in State fiscal year
22
2030 pursuant to subsection (c-5) of this Section shall
23
terminate at the end of State fiscal year 2045 or when each of
24
the designated retirement systems, as defined in Section 25,
25
has achieved 100% funding, whichever occurs first.

26

(d) The Comptroller shall transfer 1/12 of the total

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1
amount to be transferred each fiscal year under this Section
2
into the Pension Stabilization Fund on the first day of each
3
month of that fiscal year or as soon thereafter as possible;
4
except that the final transfer of the fiscal year shall be made
5
as soon as practical after the August 31 following the end of
6
the fiscal year.
7

Before the final transfer for a fiscal year is made, the
8
Comptroller shall reconcile the estimated general funds
9
revenues used in calculating the other transfers under this
10
Section for that fiscal year with the actual general funds
11
revenues for that fiscal year. The final transfer for the
12
fiscal year shall be adjusted so that the total amount
13
transferred under this Section for that fiscal year is equal
14
to the percentage specified in subsection (b) or (c) of this
15
Section, whichever is applicable, of the actual general funds
16
revenues for that fiscal year. The actual general funds
17
revenues for the fiscal year shall be calculated in a manner
18
consistent with subsection (c) of Section 10 of this Act.
19
(Source: P.A. 94-839, eff. 6-6-06.)

20

(30 ILCS 122/25)
21

(Text of Section WITHOUT the changes made by P.A. 98-599,
22
which has been held unconstitutional)
23

Sec. 25.
Transfers from the Pension Stabilization Fund.
24

(a) As used in this Section, "designated retirement
25
systems" means:

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(1) the State Employees' Retirement System of
2

Illinois;
3

(2) the Teachers' Retirement System of the State of
4

Illinois;
5

(3) the State Universities Retirement System;
6

(4) the Judges Retirement System of Illinois; and
7

(5) the General Assembly Retirement System.
8

(b) As soon as may be practical after any money is
9
deposited into the Pension Stabilization Fund, the State
10
Comptroller shall apportion the deposited amount among the
11
designated retirement systems and the State Comptroller and
12
State Treasurer shall pay the apportioned amounts to the
13
designated retirement systems. The amount deposited shall be
14
apportioned among the designated retirement systems in the
15
same proportion as their respective portions of the total
16
actuarial reserve deficiency of the designated retirement
17
systems, as most recently determined by the Governor's Office
18
of Management and Budget. Amounts received by a designated
19
retirement system under this Section shall be used for funding
20
the unfunded liabilities of the retirement system. Payments
21
under this Section are authorized by the continuing
22
appropriation under Section 1.7 of the State Pension Funds
23
Continuing Appropriation Act.
24

(c) At the request of the State Comptroller, the
25
Governor's Office of Management and Budget shall determine the
26
individual and total actuarial reserve deficiencies of the

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LRB104 20416 HLH 33880 b
1
designated retirement systems. For this purpose, the
2
Governor's Office of Management and Budget shall consider the
3
latest available audit and actuarial reports of each of the
4
retirement systems and the relevant reports and statistics of
5
the Public Pension Division of the Department of Financial and
6
Professional Regulation.
7

(d) Payments to the designated retirement systems under
8
this Section shall be in addition to, and not in lieu of, any
9
State contributions required under Section 2-124, 14-131,
10
15-155, 16-158, or 18-131 of the Illinois Pension Code.
11

Payments to the designated retirement systems under
12
subsections (c-5) and (c-10) of Section 20 received after the
13
effective date of this amendatory Act of the 104th General
14
Assembly, and any investment earnings attributable to such
15
payments, do not reduce and do not constitute payment of any
16
portion of the required State contribution under Article 2,
17
14, 15, 16, or 18 of the Illinois Pension Code in the current
18
fiscal year. Such amounts shall not reduce, and shall not be
19
included in the calculation of, the required State
20
contribution under Article 2, 14, 15, 16, or 18 of the Illinois
21
Pension Code in any future fiscal year, until the designated
22
retirement system has reached a 100% funding ratio. Such
23
payments may be invested in the same manner as other assets of
24
the designated retirement system and shall be used in the
25
calculation of the system's funding ratio for the purposes of
26
this Section and Section 20 of this Act. Payments under this

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1
Section may be used for any associated administrative costs.

2
(Source: P.A. 94-839, eff. 6-6-06.)

3

Section 15.
The School Code is amended by adding Section
4
2-3.214 as follows:

5

(105 ILCS 5/2-3.214 new)
6

Sec. 2-3.214.
School district property tax relief grant
7
program.
8

(a) As used in this Section:
9

"Adjusted maximum aggregate property tax extension" means
10
the highest aggregate property tax extension that a school
11
district is authorized by law to levy, without regard to this
12
Section, for the taxable year for which the adjusted maximum
13
aggregate property tax extension is calculated, minus the
14
grant amount received by the school district for the fiscal
15
year that ends during the taxable year for which the adjusted
16
maximum aggregate property tax extension is calculated.
17

"Aggregate property tax extension" means the annual
18
corporate extension for the school district and those special
19
purpose extensions that are made annually for a school
20
district.
21

"Taxable year" means the calendar year during which
22
property taxes payable in the next succeeding year are levied.
23

(b) For State fiscal year 2030 and each State fiscal year
24
thereafter, the State Board of Education shall establish and

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1
administer a program to award property tax relief grants to
2
school districts in this State. In exchange for receiving a
3
grant under this Section, a school district's maximum
4
aggregate property tax extension for the taxable year that
5
begins on January 1 of the fiscal year for which the grant is
6
awarded may not exceed its adjusted maximum aggregate property
7
tax extension for that taxable year. Grants shall be awarded
8
from moneys appropriated for that purpose from the Education
9
Property Tax Relief Fund created in subsection (c). Moneys
10
awarded to school districts under this Section shall be
11
distributed pro rata on a per pupil average daily attendance
12
basis, as reported in the school district report card for the
13
immediately preceding school year under Section 10-17a.
14

(c) The Education Property Tax Relief Fund is created as a
15
special fund in the State treasury. By September 1, 2030, and
16
by September 1 of each year thereafter, the Governor's Office
17
of Management and Budget shall certify to the State
18
Comptroller and the State Treasurer an amount equal to
19
$300,000,000 in fiscal years 2030-2033 and $850,000,000 in
20
fiscal year 2034 and every fiscal year thereafter. Upon
21
receiving the certified amount from the Governor's Office of
22
Management and Budget, the State Comptroller shall order
23
transferred and the State Treasurer shall transfer the
24
certified amount from the General Revenue Fund to the
25
Education Property Tax Relief Fund. Any unexpended amounts
26
remaining in the Education Property Tax Relief Fund on the

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last day of the fiscal year shall be transferred from the
2
Education Property Tax Relief Fund to the General Revenue
3
Fund.

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