This bill amends Minnesota Statutes 2024, specifically section 126C.17, subdivision 6, to increase the equalizing factors for the referendum levy. The first tier referendum equalization levy will now be calculated using a new threshold of $1,500,000, up from the previous $567,000. Similarly, the second tier referendum equalization levy will be based on a new threshold of $870,000, increased from $290,000. These changes are intended to provide greater financial support to school districts by adjusting the equalization factors to better reflect current market values.

Additionally, the bill includes appropriations from the general fund to the Department of Education for general education aid for the fiscal years 2025 through 2027. Specific amounts for these appropriations are indicated but not detailed in the summary. The effective date for the changes to the referendum equalization levy is set for revenue in fiscal year 2027 and later, ensuring that the new thresholds will be implemented in the upcoming budget cycles.

Statutes affected:
Introduction: 126C.17