IFT Releases Mega Loss Calculator to Quantify What Towns and Schools Stand to Lose Under Current Mega Projects Bill
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Development can create jobs, benefit communities, and drive growth for towns and schools when done well. The current mega project bill rewrites the tax code statewide to benefit developers at the expense of Illinois’ students
See the calculator at: https://megaproject-tax-breaks.streamlit.app/
At a time when the state owes its students $6 billion from Pre-K to PhD and the Governor’s withholding of promised but not delivered funds under the evidence-based formula is pushing districts into unnecessary deficits that harm school children’s educational experience, the Illinois Federation of Teachers is urging legislators to choose development models that do not reduce revenue for schools and public services.
Visitors can use the interactive online tool to select a mega project and their location and calculate how much money a town and its schools would receive based on current rates and how much they are set to lose if the statewide tax code rewrite dubbed “mega projects” were to go into effect.
Intended for any Illinois resident, school board member, superintendent, parent, or educator, the site provides examples such as an Amazon warehouse, car battery plant, new corporate headquarters, or the McCaskey’s stadium for the Bears.
In the case of the McCaskey’s stadium, if it were to move to Arlington Heights, for example, the local school district would receive $5,424,468,420 less over the course of 40 years because of the mega project bill. Downstate, school districts where rail projects, car factories, and warehouses would likely qualify would see similar losses.
*Because of the scope of the bill and the rushed nature of its passage in the House, IFT’s calculator represents the union’s best understanding of the proposal as-written. If any errors are identified, please email team@ift-aft.org and they will be corrected.