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HF 4150

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

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 04/18/2006

Current Version - as introduced

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A bill for an act
relating to education finance; reducing school district property taxes; eliminating
the operating capital levy, reducing the equity levy; amending Minnesota Statutes
2004, section 126C.10, subdivisions 13b, 29; repealing Minnesota Statutes 2005
Supplement, section 126C.10, subdivision 13a.

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

Section 1.

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


Subd. 13b.

Operating capital aid.

A district's operating capital aid equals its
operating capital revenue deleted text begin minus its operating capital levy times the ratio of the actual
amount levied to the permitted levy
deleted 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.10, subdivision 29, is amended to read:


Subd. 29.

Equity levy.

To obtain equity revenue deleted text begin for fiscal year 2005 and later,deleted text end
a district may levy an amount not more than the product of its equity revenue new text begin under
subdivision 24, excluding the revenue computed under paragraphs (f) and (g) of that
subdivision
new text end 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 EFFECTIVE DATE. new text end

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

Sec. 3. new text begin REPEALER.
new text end

new text begin Minnesota Statutes 2005 Supplement, section 126C.10, subdivision 13a, new text end new text begin is repealed.
new text end