Minnesota Legislature
HF 2662
as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am
Bill Text Versions
| Engrossments | ||
|---|---|---|
| Introduction | Posted on 02/16/2006 |
Current Version - as introduced
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A bill for an act
relating to education finance; increasing equalizing factor for debt service
equalization aid program; indexing the equalizing factor; amending Minnesota
Statutes 2004, 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 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) deleted text begin $3,200deleted text end new text begin $5,000 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) $8,000new 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 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 the ratio of the statewide net
tax capacity for the most recent assessment year divided by the statewide adjusted
marginal cost pupil units for the third subsequent year to the statewide net tax capacity
for assessment year 2004 divided by the statewide adjusted marginal cost pupil units
for fiscal year 2007.
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