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SF 31

as introduced - 91st Legislature (2019 - 2020) Posted on 01/10/2019 03:49pm

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; increasing equalization levels for school district debt
service levies; amending Minnesota Statutes 2018, section 123B.53, subdivision
5.

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

Section 1.

Minnesota Statutes 2018, 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 $3,400 in fiscal year 2016, $4,430 in fiscal year 2017, anddeleted text end the greater of $4,430 or
55.33 percent of the initial equalizing factor in fiscal deleted text begin year 2018deleted text end new text begin years 2019 and 2020, and
... percent of the initial equalizing factor in fiscal year 2021
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) deleted text begin $8,000 in fiscal years 2016 and 2017, anddeleted text end the greater of $8,000 or 100 percent of
the initial equalizing factor in fiscal deleted text begin year 2018 anddeleted text end new text begin years 2019 and 2020, and ... percent of
the initial equalizing factor in fiscal year 2021 and
new text end later.

(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 begin EFFECTIVE DATE. new text end

new text begin This section is effective for levies payable in 2020 and later.
new text end