This bill amends the Tax Equity and Educational Opportunities Support Act to revise key provisions regarding foundation aid, local effort rate yield, adjusted property valuations, and certification dates. A significant change is the introduction of a new formula for calculating foundation aid for school districts, which will be set at $1,500 multiplied by the number of formula students until the 2024-25 school fiscal 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 updates the local effort rate yield and property valuation calculations, particularly for agricultural land, and establishes new certification deadlines for state aid and budget authority.

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 repeals several original sections of the Reissue Revised Statutes of Nebraska, including sections 79-1006, 79-1015.01, 79-1016, 79-1022, 79-1022.02, 79-1023, 79-1027, and 79-1031.01, and declares an emergency to ensure the prompt implementation of these changes.

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