SF 1577

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:22am

A bill for an act
relating to education finance; creating general education levy; proposing coding
for new law in Minnesota Statutes, chapter 126C.

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

Section 1.

new text begin [126C.131] GENERAL EDUCATION LEVY.
new text end

new text begin Subdivision 1. new text end

new text begin General education tax rate. new text end

new text begin The commissioner must establish
the general education tax rate by July 1 of each year for levies payable in the following
year. The general education tax capacity rate must be a rate, rounded up to the nearest
hundredth of a percent, that, when applied to the adjusted net tax capacity for all districts,
raises the amount specified in this subdivision. The general education tax rate must be the
rate that raises $...... for fiscal year 2010 and later. The general education tax rate may not
be changed due to changes or corrections made to a district's adjusted net tax capacity
after the tax rate has been established.
new text end

new text begin Subd. 2. new text end

new text begin General education levy. new text end

new text begin To obtain general education revenue, a district
may levy an amount not to exceed the general education tax rate times the adjusted net tax
capacity of the district for the preceding year.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes levied in 2010 and later.
new text end