The proposed bill establishes the School Financing Review Commission, which will consist of twenty-one members, including representatives from the education sector, the Governor's office, and various school districts. The commission's members will be appointed by the Executive Board of the Legislative Council and the Governor, with specific provisions for diversity in terms of race, gender, and demographic factors. The commission will be chaired by the Commissioner of Education or their designee, and it will conduct an in-depth review of public elementary and secondary school financing, examining various funding methods and their implications for equitable educational opportunities.

The commission's responsibilities include evaluating alternative funding sources, such as income and sales tax, and addressing the needs of diverse student populations. It will prepare a preliminary report by November 2025 and a final report with recommendations by December 1, 2025. Additionally, the commission will review the implementation of existing educational funding laws and report biennially on the adequacy of school funding sources from 2028 to 2034. The bill declares an emergency, allowing it to take effect immediately upon passage.