This bill aims to enhance education finance in Minnesota by establishing a new form of aid known as "seasonal tax base replacement aid" for school districts. It amends Minnesota Statutes 2024, specifically section 126C.13, subdivision 4, by removing the reference to fiscal year 2015 and later and adding provisions for calculating general education aid. The bill also introduces a new subdivision to section 126C.17, which outlines the calculation of seasonal tax base replacement aid based on a district's referendum equalization levy and seasonal tax base adjustment factor. The seasonal tax base adjustment factor is defined as the ratio of the district's referendum market value to the sum of its referendum and seasonal market values, with specific limits set for this factor.

Additionally, the bill includes appropriations from the general fund to the Department of Education for general education aid, specifying amounts for the fiscal years 2025, 2026, and 2027. The effective dates for the new provisions are set for revenue in fiscal year 2027 and for taxes payable in 2026 and later. Overall, this legislation seeks to provide financial support to school districts by addressing seasonal tax base challenges and ensuring adequate funding for education.

Statutes affected:
Introduction: 126C.13, 126C.17