The proposed bill establishes the School Financing Review Commission in Nebraska, consisting of twenty-one members with diverse backgrounds, including representatives from education, government, and the community. The commission will be tasked with conducting a comprehensive review of public elementary and secondary school financing, examining various funding methods, including alternatives to property tax reliance, and exploring options for funding prekindergarten and college-readiness programs. The commission is required to prepare a preliminary report by November 2025 and a final report with recommendations by December 1, 2025, addressing equitable funding for public schools.

Additionally, the commission will review the mission of providing educational opportunities for Nebraskans and assess progress toward legislative goals related to education. It will also evaluate the implementation of the Tax Equity and Educational Opportunities Support Act. The commission is mandated to report biennially on the adequacy of school funding sources starting in 2028 through 2034. The bill includes provisions for the appointment of members, their terms, and the commission's operational structure, with an emergency clause for immediate effect upon passage.