The school board is debating adding two questions on the November ballot.
One question is whether to impose a millionaires tax to boost funding statewide.
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The other would rely on new financial penalties against owners of undeveloped city land.
These are non-binding issues, which means neither would legally require the state or the city to enact the proposals.
Mayor Brandon Johnson has been in favor of a new tax on the state's high earners.
It's not clear if school board members, a majority of whom have been appointed by Johnson, will also be eager to push for it.
The Chicago Board of Elections would have to approve the referendum by Monday for it to appear on the November ballot.