This bill amends the Tax Equity and Educational Opportunities Support Act to update various provisions concerning foundation aid, local effort rate yield, adjusted property valuations, and certification dates for school districts. A significant change is the introduction of a new formula for calculating foundation aid, which will be set at $1,500 multiplied by the number of formula students until the 2024-25 school year. From the 2025-26 school year onward, the foundation aid will be determined as the greater of this amount or 7.5% of the district's basic funding. The bill also modifies the local effort rate yield and property valuations, with certain changes taking effect in the 2025-26 school year.

Furthermore, the bill mandates that the Appropriations Committee of the Legislature must include the necessary funding for state aid to school districts in its annual recommendations, with certification deadlines set for June 15, 2025, and March 1 of each subsequent year. It nullifies any prior certifications for the 2025-26 school year made before the act's effective date. The bill also outlines allowable reserve percentages for school district budgets and establishes a framework for adjusting budget authority based on student growth. Additionally, it repeals several original sections of the Reissue Revised Statutes of Nebraska, specifically sections related to previous funding mechanisms. The act is intended to take effect immediately upon passage and approval due to an emergency designation.

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