SCH CD-ST AID CLAIM-EAV-DEDUCT

Amends the School Code. Provides that in recomputing a general State aid claim that was originally calculated using an extension limitation equalized assessed valuation, a qualifying reduction in equalized assessed valuation shall be deducted from the extension limitation equalized assessed valuation that was used in calculating the original claim. Provides that in calculating the amount of State aid to be apportioned to school districts, the State Board of Education shall incorporate and deduct the total aggregate adjustments to assessments made by the State Property Tax Appeal Board or Cook County Board of Appeals from the equalized assessed valuation that is otherwise to be utilized in the initial calculation. Provides that from the total amount of general State aid to be provided to school districts, adjustments under (i) the Section allowing recomputation of State aid claims and (ii) the Section requiring the incorporation and deduction of adjustments to assessments in calculating State aid together must not exceed $30 million of the general State aid appropriation in any fiscal year. Includes provisions concerning proration. Effective immediately.