PTELL-SCHOOL FUNDING

Amends the Property Tax Code. Provides that, for the 2016 and 2017 levy years, the Property Tax Extension Limitation Law applies to all taxing districts, including home rule units and school districts. Provides that, for the 2016 and 2017 levy years, the extension limitation under the Property Tax Extension Limitation Law is 0% or the rate of increase approved by the voters. Preempts home rule. Amends the State Mandates Act to require implementation without reimbursement. Amends the School Code. Creates a General State Aid Committee to propose a revised school funding formula for Illinois schools. Effective immediately.