as introduced - 88th Legislature (2013 - 2014) Posted on 01/31/2013 01:41pm
Engrossments | ||
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Introduction | Posted on 01/31/2013 |
A bill for an act
relating to education finance; increasing the equalization aid levels for the
operating referendum and debt service equalization aid programs; amending
Minnesota Statutes 2012, sections 123B.53, subdivision 5; 126C.01, by adding
subdivisions; 126C.17, subdivision 6.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2012, section 123B.53, subdivision 5, is amended to read:
(a) The equalized debt service levy of a
district equals the sum of the first tier equalized debt service levy and the second tier
equalized debt service levy.
(b) A district's first tier equalized debt service levy equals the district's first tier debt
service equalization revenue times the lesser of one or the ratio of:
(1) the quotient derived by dividing the adjusted net tax capacity of the district for
the year before the year the levy is certified by the adjusted pupil units in the district for
the school year ending in the year prior to the year the levy is certified; to
(2) deleted text begin $3,049deleted text end new text begin ... percent of the statewide adjusted net tax capacity equalizing factornew text end .
(c) A district's second tier equalized debt service levy equals the district's second tier
debt service equalization revenue times the lesser of one or the ratio of:
(1) the quotient derived by dividing the adjusted net tax capacity of the district for
the year before the year the levy is certified by the adjusted pupil units in the district for
the school year ending in the year prior to the year the levy is certified; to
(2) deleted text begin $7,622deleted text end new text begin ... percent of the statewide adjusted net tax capacity equalizing factornew text end .
new text begin
This section is effective for revenue for fiscal year 2015
and later.
new text end
Minnesota Statutes 2012, section 126C.01, is amended by adding a subdivision
to read:
new text begin
The adjusted net tax
capacity equalizing factor equals the quotient derived by dividing the total adjusted net tax
capacity of all school districts in the state for the year before the year the levy is certified by
the total number of adjusted marginal cost pupil units in the state for the current school year.
new text end
new text begin
This section is effective for taxes payable in 2014 and later.
new text end
Minnesota Statutes 2012, section 126C.01, is amended by adding a subdivision
to read:
new text begin
The referendum market
value equalizing factor equals the quotient derived by dividing the total referendum market
value of all school districts in the state for the year before the year the levy is certified by
the total number of resident marginal cost pupil units in the state for the current school year.
new text end
new text begin
This section is effective for taxes payable in 2014 and later.
new text end
Minnesota Statutes 2012, section 126C.17, subdivision 6, is amended to read:
(a) deleted text begin For fiscal year 2003 and later,
deleted text end A district's referendum equalization levy equals the sum of the first tier referendum
equalization levy and the second tier referendum equalization levy.
(b) A district's first tier referendum equalization levy equals the district's first tier
referendum equalization revenue times the lesser of one or the ratio of the district's
referendum market value per resident marginal cost pupil unit to deleted text begin $476,000deleted text end new text begin ... percent of
the statewide referendum market value equalizing factornew text end .
(c) A district's second tier referendum equalization levy equals the district's second
tier referendum equalization revenue times the lesser of one or the ratio of the district's
referendum market value per resident marginal cost pupil unit to deleted text begin $270,000deleted text end new text begin ... percent of
the statewide referendum market value equalizing factornew text end .
new text begin
This section is effective for revenue for fiscal year 2015
and later.
new text end