EDUCATION REFORM AND FUNDING

Provides that the Act may be referred to as the 2007 Education Reform and Funding Act. Amends the Department of Revenue Law of the Civil Administrative Code of Illinois to make changes concerning sales of tangible personal property conducted over the Internet. Amends the Illinois Income Tax Act. Provides that for taxable years ending on or after December 31, 2007, the education expense credit may not exceed $1,000 (now, $500). Amends the Use Tax Act and the Retailers' Occupation Tax Act. Provides that 80% of the revenue received from retail sales conducted over the Internet must be deposited into the Common School Fund. Amends the Telecommunications Excise Tax Act. Provides that, beginning July 1, 2007, digital subscriber line services are not considered telecommunications that are subject to the Act. Amends the School Code to make changes concerning the elimination of unfunded mandates, alternative school development grants, an Education Venture Partnership Pool, oversight of school board contracts, performance-based teacher compensation, contracts on a school district's website, special education reimbursement for personnel, the foundation level of support under the State aid formula, a Salary Incentive Program for Hard-to-Staff Schools, the completion of high school graduation requirements, and the limitation on the number of charter schools. Amends the Board of Higher Education Act concerning teacher and principal preparation programs. Effective July 1, 2007.