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SF 2231

as introduced - 89th Legislature (2015 - 2016) Posted on 03/18/2016 11:40am

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

Current Version - as introduced

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A bill for an act
relating to education finance; modifying the calculation of school district
equalized debt service levies; amending Minnesota Statutes 2014, section
123B.53, subdivision 5.

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

Section 1.

Minnesota Statutes 2014, 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) $3,400 in fiscal year 2016 deleted text begin anddeleted text end new text begin ,new text end $4,430 in fiscal year 2017new text begin , and 54.55 percent of
the initial equalizing factor in fiscal year 2018
new text end and later.

(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 in fiscal years 2016 and 2017, and 98.51 percent of the initial equalizing
factor in fiscal year 2018 and later
new text end .

new text begin (d) For the purposes of this subdivision, the initial equalizing factor equals the
quotient derived by dividing the total adjusted net tax capacity of all school districts in the
state for the year before the year the levy is certified by the total number of adjusted pupil
units in all school districts in the state in the year before the year the levy is certified.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2017 and later.
new text end