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HF 1271

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/27/2023 04:48pm

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
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Current Version - as introduced

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A bill for an act
 relating to education finance; increasing equalization aid for the operating
referendum program; decreasing property tax levies; appropriating money;
amending Minnesota Statutes 2022, section 126C.17, subdivision 6.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2022, section 126C.17, subdivision 6, is amended to read:


Subd. 6.

Referendum equalization levy.

(a) 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 pupil unit to deleted text begin $567,000deleted text end new text begin 150 percent of the operating
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 pupil unit to $290,000.

new text begin (d) A district's operating referendum market value equalizing factor equals the quotient
derived by dividing the 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 pupil units in all
school districts in the state in the year before 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 revenue for fiscal year 2025 and later.
 new text end

Sec. 2. new text begin APPROPRIATION.
new text end

new text begin $....... in fiscal year 2025 is appropriated from the general fund to the Department of
Education for additional general education aid.
 new text end