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SF 626

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/26/2021 10:07am

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to education finance; modifying the calculation of school district equalized
referendum levies; appropriating money; amending Minnesota Statutes 2020,
section 126C.17, subdivision 6.

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

Section 1.

Minnesota Statutes 2020, section 126C.17, subdivision 6, is amended to read:


Subd. 6.

Referendum equalization levy.

(a) A district's referendum equalization levy
equals the sum of the first tier referendum equalization levy and the second tier referendum
equalization levy.

(b) 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 pupil unit to $567,000.new text begin For fiscal year 2023 and later,
a district's first tier referendum equalization levy must not exceed the amount raised by a
tax rate of 0.03 percent times the referendum market value of the district times the ratio of
the district's first tier referendum equalization allowance to $460.
new text end

(c) 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 pupil unit to $290,000.new text begin For fiscal year 2023 and later,
a district's second tier referendum equalization levy must not exceed the amount raised by
a tax rate of 0.08 percent times the referendum market value of the district times the ratio
of the district's second tier referendum equalization allowance to 25 percent of the formula
allowance, minus the sum of $300 and the district's first tier referendum equalization
allowance.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2022 and later.
 new text end

Sec. 2. new text begin APPROPRIATION.
new text end

new text begin $....... in fiscal year 2023 is appropriated from the general fund to the commissioner of
education for additional general education aid.
 new text end