05222019CW0374

SPRINGFIELD – Legislation sponsored by State Senator Christopher Belt (D-Centreville) that will allow impoverished school districts to issue more bonds to receive additional revenue was recently signed into law.

To calculate their ability to issue bonds, a school district factors in 85 percent of the Equalized Assessed Valuation (EAV) plus the district’s Corporate Personal Property Replacement Tax. Belt’s proposal would count state aid as part of the baseline on which a district can base that 85 percent EAV calculation.

“With this legislation becoming effective, neglected school districts will now have the ability to improve their student’s future,” Belt said. “Making the accommodation of factoring state aid into the formula will help these school districts flourish and provide a better path to closing their achievement gaps.”

Senate Bill 1746 takes effect on Jan. 1, 2020.   

Category: Press Releases

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