Minnesota Legislature
HF 1142
as introduced - 91st Legislature (2019 - 2020) Posted on 02/11/2020 03:00pm
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| Introduction | Posted on 02/14/2019 |
Current Version - as introduced
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A bill for an act
relating to education finance; increasing state aid for debt service equalization aid;
amending Minnesota Statutes 2018, section 123B.53, subdivisions 4, 5, 6.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2018, section 123B.53, subdivision 4, is amended to read:
Subd. 4.
Debt service equalization revenue.
deleted text begin
(a) The debt service equalization revenue
of a district equals the sum of the first tier debt service equalization revenue and the second
tier debt service equalization revenue.
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deleted text begin (b)deleted text end The deleted text begin first tierdeleted text end debt service equalization revenue of a district equals the greater of zero
or the eligible debt service revenue minus the amount raised by a levy of deleted text begin 15.74deleted text end new text begin tennew text end percent
times the adjusted net tax capacity of the district deleted text begin minus the second tier debt service
equalization revenue of the districtdeleted text end .
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(c) The second tier debt service equalization revenue of a district equals the greater of
zero or the eligible debt service revenue, minus the amount raised by a levy of 26.24 percent
times the adjusted net tax capacity of the district.
deleted text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for revenue for fiscal year 2021 and later.
new text end
Sec. 2.
Minnesota Statutes 2018, section 123B.53, subdivision 5, is amended to read:
Subd. 5.
Equalized debt service levy.
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(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.
deleted text end
deleted text begin (b)deleted text end new text begin (a)new text end A district's deleted text begin first tierdeleted text end equalized debt service levy equals the district's deleted text begin first tierdeleted text end 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
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(2) $3,400 in fiscal year 2016, $4,430 in fiscal year 2017, and the greater of $4,430 or
55.33 percent of the initial equalizing factor in fiscal year 2018 and later.
deleted text end
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(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:
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deleted text begin
(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
deleted text end
(2) deleted text begin $8,000 in fiscal years 2016 and 2017, and the greater of $8,000 ordeleted text end 100 percent of
the initial equalizing factor deleted text begin in fiscal year 2018 and laterdeleted text end .
deleted text begin (d)deleted text end new text begin (b)new text end For the purposes of this subdivision, the initial 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 pupil units in
all school districts in the state in the year before the year the levy is certified.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for revenue for fiscal year 2021 and later.
new text end
Sec. 3.
Minnesota Statutes 2018, section 123B.53, subdivision 6, is amended to read:
Subd. 6.
Debt service equalization aid.
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(a) A district's debt service equalization aid is
the sum of the district's first tier debt service equalization aid and the district's second tier
debt service equalization aid.
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deleted text begin (b)deleted text end A district's deleted text begin first tierdeleted text end debt service equalization aid equals the difference between the
district's deleted text begin first tierdeleted text end debt service equalization revenue and the district's deleted text begin first tierdeleted text end equalized debt
service levy.
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(c) A district's second tier debt service equalization aid equals the difference between
the district's second tier debt service equalization revenue and the district's second tier
equalized debt service levy.
deleted text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for revenue for fiscal year 2021 and later.
new text end