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HF 2398

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
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Bill Text Versions

Engrossments
Introduction Posted on 04/11/2005

Current Version - as introduced

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A bill for an act
 relating to education finance; indexing school funding
formula equalizing factors to the growth in tax base;
amending Minnesota Statutes 2004, sections 123B.53,
subdivision 5; 123B.57, subdivision 4; 126C.01, by
adding subdivisions; 126C.10, subdivisions 13a, 29,
32; 126C.17, subdivision 6.

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

Section 1.

Minnesota Statutes 2004, 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) $3,200 new text begin times the equalizing factor adjustment under
section 126C.01, subdivision 12new 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) $8,000 new text begin times the equalizing factor adjustment under
section 126C.01, subdivision 12new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for
fiscal year 2008.
 new text end

Sec. 2.

Minnesota Statutes 2004, section 123B.57,
subdivision 4, is amended to read:


Subd. 4.

Health and safety levy.

To receive health and
safety revenue, a district may levy an amount equal to the
district's health and safety revenue as defined in subdivision 3
multiplied by the lesser of one, or the ratio of the quotient
derived by dividing the adjusted net tax capacity of the
district for the year preceding the year the levy is certified
by the adjusted marginal cost pupil units in the district for
the school year to which the levy is attributable, to
$2,935 new text begin times the equalizing factor adjustment under section
126C.01, subdivision 12new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for
fiscal year 2008.
 new text end

Sec. 3.

Minnesota Statutes 2004, section 126C.01, is
amended by adding a subdivision to read:


new text begin Subd. 12.new text end

new text begin Net tax capacity equalizing factor adjustment.
new text end

new text begin The net tax capacity equalizing factor adjustment equals the
greater of one or ratio of net tax capacity for the most recent
assessment year to the net tax capacity for assessment year 2004.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for
fiscal year 2008.
 new text end

Sec. 4.

Minnesota Statutes 2004, section 126C.01, is
amended by adding a subdivision to read:


new text begin Subd. 13.new text end

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

new text begin The referendum market value equalizing factor
adjustment equals the greater of one or the ratio of referendum
market value for the most recent assessment year to the
referendum market value for assessment year 2004.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for
fiscal year 2008.
 new text end

Sec. 5.

Minnesota Statutes 2004, section 126C.10,
subdivision 13a, is amended to read:


Subd. 13a.

Operating capital levy.

To obtain operating
capital revenue for fiscal year 2005 and later, a district may
levy an amount not more than the product of its operating
capital revenue for the fiscal year times the lesser of one or
the ratio of its adjusted net tax capacity per adjusted marginal
cost pupil unit to $22,222 new text begin times the equalizing factor
adjustment under section 126C.01, subdivision 12new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for
fiscal year 2008.
 new text end

Sec. 6.

Minnesota Statutes 2004, section 126C.10,
subdivision 29, is amended to read:


Subd. 29.

Equity levy.

To obtain equity revenue for
fiscal year 2005 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 $476,000 new text begin times
the equalizing factor adjustment under section 126C.01,
subdivision 12new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for
fiscal year 2008.
 new text end

Sec. 7.

Minnesota Statutes 2004, section 126C.10,
subdivision 32, is amended to read:


Subd. 32.

Transition levy.

To obtain transition revenue
for fiscal year 2005 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
$476,000 new text begin times the equalizing factor adjustment under section
126C.01, subdivision 13new text end .

Sec. 8.

Minnesota Statutes 2004, 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) 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 times the equalizing factor adjustment under section
126C.01, subdivision 13new 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
$270,000 new text begin times the equalizing factor adjustment under section
126C.01, subdivision 13new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for
fiscal year 2008.
 new text end