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 members will include the Commissioner of Education, a representative from the Governor's office, three nonvoting legislative members, and various school board members and administrators from different class districts. The appointments will be made by the Executive Board of the Legislative Council and the Governor, with a focus on ensuring diversity in terms of race, gender, and demographics. The commission will not receive compensation for their services but will be reimbursed for expenses.

The commission is tasked with conducting a comprehensive review of public elementary and secondary school financing, examining various funding methods, including property tax alternatives, income measures, and sales tax options. It will also assess the needs of students, infrastructure funding, and the quality of education. A preliminary report is due in November 2025, with a final report and recommendations to be submitted by December 1, 2025. Following this, the commission will continue to review educational goals and the implementation of relevant acts, providing biennial reports on school funding adequacy from 2028 to 2034. The bill is set to take effect immediately upon passage due to the declared emergency.