This bill aims to revise school finance laws by establishing a School Equalization and Property Tax Reduction Account within the State Special Revenue Fund. It mandates that revenue generated from school equalization levies be deposited into this account, which will serve as the second source of funding for state equalization aid, following the Guarantee Account. The bill also proposes adjustments to school funding equalization mechanisms based on the revenue in this new account and seeks to increase the county retirement GTB multiplier to help lower county property taxes. Additionally, it clarifies and sets a cap on base GTB adjustments derived from marijuana revenue.

The bill includes amendments to several sections of the Montana Code Annotated (MCA), specifically sections 20-9-331, 20-9-333, 20-9-360, 20-9-366, 20-9-525, and 20-9-622. These revisions aim to enhance the clarity and effectiveness of the school funding system while ensuring that property tax burdens are reduced for counties. The proposed changes are designed to create a more equitable funding structure for schools across the state.

Statutes affected:
HB0587_1.pdf: 20-9-331, 20-9-333, 20-9-360, 20-9-366, 20-9-525, 20-9-622
HB0587_2.pdf: 20-9-331, 20-9-333, 20-9-360, 20-9-366, 20-9-525, 20-9-622
Amended: 20-9-331, 20-9-333, 20-9-360, 20-9-366, 20-9-525, 20-9-622
Introduced: 20-9-331, 20-9-333, 20-9-360, 20-9-366, 20-9-525, 20-9-622