Minnesota Legislature
HF 3467
as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am
Bill Text Versions
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| Introduction | Posted on 03/13/2006 |
Current Version - as introduced
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A bill for an act
relating to education finance; increasing the referendum equalization levy factor;
amending Minnesota Statutes 2004, 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 2004, 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 and deleted text begin laterdeleted text end new text begin
2006new 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 2007 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 2006.
new text end
Sec. 2.
Minnesota Statutes 2004, 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
and deleted text begin laterdeleted text end new text begin 2006new 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 2007 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 2006.
new text end
Sec. 3.
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) new text begin For fiscal years 2005 and 2006, 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 2007 and later, 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 $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 2006.
new text end