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. It establishes that for school fiscal years 2025-26 and beyond, foundation aid will be calculated as the greater of either $1,500 multiplied by the number of formula students or 7.5% of the district's basic funding. Additionally, the local effort rate will be determined based on the maximum levy authorized, with adjustments for specific deductions. The bill also modifies the adjusted valuation for state aid, reducing the percentage of actual value for agricultural and horticultural land from 72% to 65% starting in the 2025-26 school fiscal year.

Furthermore, the bill sets new deadlines for the certification of state aid and budget authority, moving these dates to June 15, 2025, and March 1 of each subsequent year. It declares that any prior certifications for the 2025-26 school fiscal year are null and void to ensure the new provisions take effect without overlap. The bill also amends Section 79-1031.01 to require the Appropriations Committee to include necessary funding for state aid in its annual recommendations, with certification deadlines aligned with the new dates. Additionally, it repeals several original sections of the Reissue Revised Statutes of Nebraska and is set to take effect immediately upon passage and approval due to an emergency clause.

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