Minnesota Legislature
HF 837
as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am
Bill Text Versions
| Engrossments | ||
|---|---|---|
| Introduction | Posted on 02/09/2007 |
Current Version - as introduced
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A bill for an act
relating to education finance; increasing debt service equalization aid; indexing
the equalizing factors for the debt service equalization aid program; amending
Minnesota Statutes 2006, sections 123B.53, subdivision 5; 126C.01, by adding a
subdivision.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2006, 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 $3,200deleted text end new text begin 100 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 $8,000deleted text end new text begin 116 percent of the statewide adjusted net tax capacity equalizing factornew text end .
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxes payable in 2008.
new text end
Sec. 2.
Minnesota Statutes 2006, 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 pupil units in the state for the school year prior
to the year the levy is certified.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxes payable in 2008.
new text end