This bill amends the Tax Equity and Educational Opportunities Support Act in Nebraska, focusing on the calculation and distribution of foundation aid to school districts. For the school fiscal year 2025-26 and beyond, foundation aid will be determined as the greater of either $1,500 multiplied by the number of formula students or 7.5% of the district's basic funding. Additionally, for the fiscal years 2023-24 and 2024-25, 100% of the foundation aid will be included as a formula resource, decreasing to 60% starting in 2025-26. The bill also introduces changes to the local effort rate yield and property valuations, with new provisions effective in the 2025-26 school fiscal year, and nullifies prior certifications of state aid and budget authority for the 2023-24 school fiscal year.

Furthermore, the bill amends Section 79-1031.01 to require the Appropriations Committee to include necessary funding for state aid to school districts in its annual recommendations, with amounts certified to districts by June 15, 2025, and by March 1 of each year thereafter. It also repeals several original sections of the Reissue Revised Statutes of Nebraska. The act is set to take effect immediately upon passage and approval due to an emergency declaration.

Statutes affected:
Introduced: 79-1006, 79-1015.01, 79-1016, 79-1022, 79-1022.02, 79-1023, 79-1027, 79-1031.01