EDUCATION FUNDING-NO PROP TAX

Proposes to amend Section 1 of Article X of the Illinois Constitution. Provides that, beginning on the January 1 next occurring 3 years after the Constitutional Amendment takes effect, the State is solely responsible for financing the system of public education and property tax revenue must not be used to finance the system of public education (with an exception). Provides that after the Constitutional Amendment takes effect, the General Assembly shall pass and the Governor shall approve a bill that implements a new funding plan for the system of public education, which plan shall take effect on the January 1 next occurring 3 years after the Constitutional Amendment takes effect. Provides that under the plan (i) no school district may ever receive less from the State in any given school year than the school district received from all local, State, and federal sources for the school year during which the Constitutional Amendment takes effect and (ii) on the January 1 next occurring 3 years after the Constitutional Amendment takes effect, the property tax rate for a school district shall be 0%, which rate may be increased to raise additional funds for the school district if the rate increase is approved by referendum. Effective upon being declared adopted in accordance with Section 7 of the Illinois Constitutional Amendment Act.