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HF 769

as introduced - 88th Legislature (2013 - 2014) Posted on 02/22/2013 01:35pm

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 02/21/2013

Current Version - as introduced

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A bill for an act
relating to education finance; increasing 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:

Section 1.

Minnesota Statutes 2012, section 123B.53, subdivision 5, is amended to read:


Subd. 5.

Equalized debt service levy.

(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 endnew text begin the product of $6,098 and the ratio of the current year adjusted net tax
capacity equalizing factor to the adjusted net tax capacity equalizing factor as calculated
for revenue in fiscal year 2015
new 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 endnew text begin the product of $15,244 and the ratio of the current year adjusted net tax
capacity equalizing factor to the adjusted net tax capacity equalizing factor as calculated
for revenue in fiscal year 2015
new text end.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2015
and later.
new text end

Sec. 2.

Minnesota Statutes 2012, section 126C.01, is amended by adding a subdivision
to read:


new text begin Subd. 2a. new text end

new text begin Adjusted net tax capacity equalizing factor. new text end

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 EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2014 and later.
new text end

Sec. 3.

Minnesota Statutes 2012, section 126C.01, is amended by adding a subdivision
to read:


new text begin Subd. 3a. new text end

new text begin Referendum market value equalizing factor. new text end

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 EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2014 and later.
new text end

Sec. 4.

Minnesota Statutes 2012, section 126C.17, subdivision 6, is amended to read:


Subd. 6.

Referendum equalization levy.

(a) deleted text beginFor 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 endnew text begin the product of
$952,000 and the ratio of the current year referendum market value equalizing factor to the
referendum market value equalizing factor as calculated for revenue in fiscal year 2015
new 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 endnew text begin the product of
$540,000 and the ratio of the current year referendum market value equalizing factor to the
referendum market value equalizing factor as calculated for revenue in fiscal year 2015
new text end.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2015
and later.
new text end