Minnesota Legislature
HF 927
as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am
Bill Text Versions
| Engrossments | ||
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| Introduction | Posted on 02/13/2007 |
Current Version - as introduced
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A bill for an act
relating to education finance; increasing the equalizing factor on the equity,
transition, and referendum revenue programs; amending Minnesota Statutes
2006, sections 126C.10, subdivisions 29, 32; 126C.17, subdivision 6.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2006, section 126C.10, subdivision 29, is amended to
read:
Subd. 29.
Equity levy.
To obtain equity revenue for fiscal deleted text begin yeardeleted text end new text begin yearsnew text end 2005 deleted text begin and
laterdeleted text end new text begin through 2008new text end , a district may levy an amount not more than the product of its equity
revenue for the fiscal year times the lesser of one or the ratio of its referendum market
value per resident marginal cost pupil unit to $476,000.new text begin To obtain equity revenue for fiscal
year 2009 and later, a district may levy an amount not more than the product of its equity
revenue for the fiscal year times the lesser of one or the ratio of its referendum market
value per resident marginal cost pupil unit to $750,000.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxes payable in 2007.
new text end
Sec. 2.
Minnesota Statutes 2006, section 126C.10, subdivision 32, is amended to read:
Subd. 32.
Transition levy.
To obtain transition revenue for fiscal deleted text begin yeardeleted text end new text begin yearsnew text end 2005
deleted text begin and laterdeleted text end new text begin through 2008new text end , a district may levy an amount not more than the product of its
transition revenue for the fiscal year times the lesser of one or the ratio of its referendum
market value per resident marginal cost pupil unit to $476,000.new text begin To obtain transition
revenue for fiscal year 2009 and later, a district may levy an amount not more than the
product of its transition revenue for the fiscal year times the lesser of one or the ratio of its
referendum market value per resident marginal cost pupil unit to $750,000.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxes payable in 2007.
new text end
Sec. 3.
Minnesota Statutes 2006, section 126C.17, subdivision 6, is amended to read:
Subd. 6.
Referendum equalization levy.
(a) For fiscal year 2003 and later,
a district's referendum equalization levy equals the sum of the first tier referendum
equalization levy and the second tier referendum equalization levy.
(b) new text begin For fiscal years 2005 through 2008, new text end 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 $476,000.new text begin For fiscal year 2009 and later, a 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 $750,000.
new text end
(c) new text begin For fiscal year 2005 and later, new text end 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 $270,000.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxes payable in 2007.
new text end