This bill proposes significant updates to current statutes regarding school finance in Arizona, particularly affecting charter schools and school districts. It introduces a new state student funding formula that charter schools must adopt, replacing the existing base support level calculation. The bill also eliminates the small school weight reduction for the fiscal years 2015-2016 and 2016-2017, while modifying the definitions of "district support level" and "revenue control limit" to distinguish between those using the standard formula and those opting for the new state student funding formula. Additionally, it establishes a new article allowing school districts to elect to use this funding formula under specific conditions, including the absence of an override and adherence to support level ratios.

Moreover, the bill updates provisions related to the Arizona empowerment scholarship account, including new requirements for students withdrawing from school districts to enroll in the scholarship program. It replaces the previous funding calculation for scholarship accounts with one based on the state student funding formula and revises the notification process for parents regarding scholarship account renewals. The bill also clarifies qualifying tax rates for school districts for the tax year 2025 and restricts the legislature from adopting tax rates exceeding truth in taxation rates without a two-thirds majority approval. Lastly, it declares itself an emergency measure for immediate implementation upon passage.

Statutes affected:
Introduced Version: 15-185, 15-808, 15-901, 15-901.04, 15-924, 15-947, 15-971, 15-992, 15-2402, 41-1276, 15-943, 15-941, 2015-2016, 2016-2017, 15-1042, 15-855, 15-973, 15-823, 15-308, 15-183, 15-512, 42-5029, 42-5029.02, 37-521, 15-792.02, 15-481, 15-482, 2026-2027, 2027-2028, 2028-2029, 2029-2030, 2030-2031, 15-401, 15-402, 16-204, 15-910, 15-946, 15-949, 15-954, 15-995, 41-5741, 15-961, 15-391, 15-393, 15-701.01, 15-901.08, 15-447.01, 15-797, 15-495, 15-816.01, 15-761, 15-902.04, 2023-2024, 2024-2025, 2025-2026, 15-944, 15-765, 15-751, 15-752, 15-753, 15-501, 15-771, 15-945, 2021-2022, 15-943.01, 15-976, 15-825, 15-1204, 15-905, 15-825.01, 15-974, 15-910.01, 15-964, 15-447, 15-255, 15-904, 15-766, 15-767, 35-173, 15-972, 15-907, 42-16213, 42-17151, 15-2403, 15-2401, 15-505, 15-534.04, 28-9551, 15-802, 35-190, 2020-2021, 35-113, 15-2401.01