The Senate approved SB 318 (Cullerton, D-Chicago) late Tuesday by a vote of 37 to 1 (36 votes were required for passage) with 18 members voting present. This legislation proposes substantial changes for funding for ALL taxing districts, including both home rule and non-home rule communities, as well as school districts. The proposed legislation would do several things:

1. Establish a two-year local property tax freeze for ALL taxing districts outside of Cook County in 2016-2017 (Cook County would be subject to the freeze in 2017-2018).

2. End the state's current general aid formula for schools by June 1, 2017. It would be replaced by a new formula that would be determined by a bipartisan commission tasked with determining a more equitable formula.

3. Assist the Chicago Public School System by assuming responsibility for approximately $200 million in pension payments.

SB 318 was assigned to the Executive Committee in the House. The Executive Committee has already scheduled a hearing on the bill for August 12, 2015 at 9:30 a.m. This bill, if passed into law, will have a major impact on how taxing bodies prepare their tax levy ordinance for 2016, which must be filed with the County Clerk before the last Tuesday in December.