Rauner strongly supports a special $75 million scholarship fund that can be used by low income families. The bills formula gives money to school districts based on the number of students each district has.
The plan creates a tax credit for people who donated to a private school scholarship fund.
Students from families whose income is less than 185 percent of the federal poverty level, now $45,510 for a family of four, receive full scholarship awards. The students must come from households with an annual income below 300 percent of the federal poverty level, or about $73,000 for a family of four.
It also provides more than $430 million in new funding to Chicago Public Schools.
Credit rating agencies had warned that districts that have slim reserves and are heavily dependent on state aid, including junk-rated CPS, could face financial pressure and potential rating downgrades from an extended school funding impasse.
IL officials have bragged that the state was the first nationwide to require daily PE classes under a decades-old law, something educators argue is more critical than ever with widespread anti-obesity efforts.
Most importantly the Invest in Kids scholarship program “will bring hope to many students who have been trapped in schools that do not meet their education needs”, according to the Heartland Institute’s Lennie Jarratt. “And we are very blessed that we have wonderful teachers here in Bloomington, but across the state of IL”. Illinois State Treasurer Michael Frerichs says there are hundreds of millions of dollars in unpaid death benefits from life insurance policies that beneficiaries don’t know about, and said the veto will only make it harder for loved ones to receive the money that’s theirs. Her colleague Tim Benson concurs, adding, “At the dawn of 2017, I never would have expected that one of the states to pass a new education choice program would be IL, the poster child for governance – both stupid and criminal”.