This bill amends the Reissue Revised Statutes of Nebraska to revise school district levy authority and foundation aid calculations under the Tax Equity and Educational Opportunities Support Act. It sets a new maximum levy of $1.02 per $100 of taxable valuation for school districts starting in fiscal year 2025-26, a decrease from the previous maximum of $1.05. Additionally, the bill introduces a base levy adjustment mechanism that will modify state aid amounts prior to certification, ensuring that funding aligns with the new levy structure.

To oversee these changes, the bill establishes the School Finance Reform Commission, which will evaluate the current funding formula and make recommendations to mitigate local property tax increases. The commission will consist of eleven voting members, including superintendents and legislative committee chairs, as well as four consulting members from relevant state departments. The bill also includes provisions for the Department of Education to calculate and certify funding amounts based on the new adjustments, and it repeals several existing statutes related to school funding, taking effect immediately upon passage.

Statutes affected:
Introduced: 77-3442, 79-1001, 79-1006, 79-1022, 79-1022.02, 79-1023, 79-1027, 79-1031.01