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 various school districts. The commission's primary responsibilities include conducting an in-depth review of public elementary and secondary school financing, examining alternative funding methods, and assessing the needs of students, particularly those from low-income backgrounds and those with limited English proficiency. The commission is tasked with preparing a preliminary report by November 2025 and a final report with recommendations for equitable funding by December 1, 2025.

Additionally, the commission will review the mission of providing educational opportunities for all Nebraskans and report on 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 required to submit biennial reports on the adequacy of school funding sources starting in 2028. The bill includes provisions for the appointment of members, their terms, and the commission's operational structure, and it declares an emergency for immediate enactment upon approval.