Bill Summary – FastDemocracy

LB45                                                                            LB45
                                                                          2024
                              LEGISLATURE OF NEBRASKA
                          ONE HUNDRED EIGHTH LEGISLATURE
                                  FIRST SPECIAL SESSION
                        LEGISLATIVE BILL 45
       Introduced by Linehan, 39.
       Read first time July 29, 2024
       Committee: Education
   A BILL FOR AN ACT relating to education; to amend section 79-1015.01,
       Revised Statutes Cumulative Supplement,   2022,   and section
       79-1017.01, Revised Statutes Supplement, 2023; to change provisions
       relating to local system formula resources under the Tax Equity and
       Educational Opportunities Support Act; and to repeal the original
       sections.
   Be it enacted by the people of the State of Nebraska,
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LB45                                                                                                  LB45
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          Section     1.     Section       79-1015.01,      Revised Statutes Cumulative
   Supplement, 2022, is amended to read:
          79-1015.01       (1)   Through school fiscal year   2024-25,   local Local
   system formula resources shall include local effort rate yield which
   shall be computed as prescribed in this section. Beginning with school
   fiscal year 2025-26, local system formula resources shall be determined
   in a manner prescribed by the Legislature pursuant to section 79-1017.01.
          (2) For each school fiscal year except school fiscal years 2017-18
   and 2018-19: (a) For state aid certified pursuant to section 79-1022, the
   local effort rate shall be the maximum levy, for the school fiscal year
   for which aid is being certified, authorized pursuant to subdivision (2)
   (a) of section 77-3442 less five cents; (b) for the final calculation of
   state aid pursuant to section 79-1065, the local effort rate shall be the
   rate which,    when multiplied by    the total adjusted valuation of   all
   taxable property in local systems receiving equalization aid pursuant to
   the Tax Equity and Educational Opportunities Support Act, will produce
   the amount needed to support the total formula need of such local systems
   when added to state aid appropriated by the Legislature and other actual
   receipts of local systems described in section 79-1018.01; and (c) the
   local effort rate yield for such school fiscal years shall be determined
   by multiplying each local system's total adjusted valuation by the local
   effort rate.
          (3) For school fiscal years 2017-18 and 2018-19: (a) For state aid
   certified pursuant to section 79-1022, the local effort rate shall be the
   maximum levy,    for the school fiscal year for which aid is    being
   certified, authorized pursuant to subdivision (2)(a) of section 77-3442
   less two and ninety-seven hundredths cents; (b) for the final calculation
   of state aid pursuant to section 79-1065, the local effort rate shall be
   the rate which, when multiplied by the total adjusted valuation of all
   taxable property in local systems receiving equalization aid pursuant to
   the Tax Equity and Educational Opportunities Support Act, will produce
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LB45                                                                                       LB45
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  the amount needed to support the total formula need of such local systems
  when added to state aid appropriated by the Legislature and other actual
  receipts of local systems described in section 79-1018.01; and (c) the
  local effort rate yield for such school fiscal years shall be determined
  by multiplying each local system's total adjusted valuation by the local
  effort rate.
         Sec. 2. Section 79-1017.01, Revised Statutes Supplement, 2023, is
   amended to read:
        79-1017.01 (1) For state aid calculated for each school fiscal year
   prior to   school fiscal year   2023-24,   local system formula resources
   includes other actual receipts determined pursuant to section 79-1018.01,
   net option funding determined pursuant to section 79-1009, allocated
   income tax funds determined pursuant to section 79-1005.01, and community
  achievement plan aid determined pursuant to   section    79-1005,   and is
  reduced by amounts paid by the district in the most recently available
   complete data year as property tax refunds pursuant to or in the manner
   prescribed by section 77-1736.06.
         (2) For state aid calculated for school fiscal year 2023-24 through
  and each school fiscal year 2024-25 thereafter, local system formula
  resources includes other actual receipts determined pursuant to section
   79-1018.01, net option funding determined pursuant to section 79-1009,
   allocated income tax funds determined pursuant to section 79-1005.01,
  community achievement plan aid determined pursuant to section 79-1005,
   and   a percentage of   foundation aid determined pursuant to    section
  79-1006, and is reduced by amounts paid by the district in the most
  recently available complete data year as property tax refunds pursuant to
  or in the manner prescribed by section 77-1736.06.
        (3) For state aid calculated for school fiscal year 2025-26 and each
  year thereafter, local system formula resources shall be determined in a
  manner prescribed by the Legislature.
        Sec. 3.      Original section 79-1015.01, Revised Statutes Cumulative
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LB45                                                                     LB45
                                                                   2024
   Supplement, 2022, and section 79-1017.01, Revised Statutes Supplement,
   2023, are repealed.
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Statutes affected: 
Introduced: 79-1015.01, 79-1017.01