EDUCATION FUNDING

Amends the State Finance Act. Creates the School District Property Tax Relief Fund as a new special fund in the State treasury. Requires the Department of Revenue, between November 15 and 17 of each year, to certify the amount of money in the Fund that is available for school district property relief grants, and provides procedures for the Department of Revenue to calculate the amount the grants. Amends the Illinois Income Tax Act. Provides for a deduction (up to $1,200) for income tax purposes, for 5 years, equal to 15% of rent paid annually for a taxpayer's principal residence. Amends the Property Tax Code. Provides a mechanism for property tax abatements for educational purposes.