This bill, titled the Education Equity and Property Tax Relief Act, makes changes to the foundation education aid formula. It establishes a permanent foundation education aid that will take effect in the fiscal year 2023-2024. The bill also includes provisions for determining the state's share of the foundation education aid based on a district's revenue-generating capacity and concentration of high-need students. It also provides for direct state funding for excess costs associated with special education students. The bill requires the department of elementary and secondary education to develop and utilize a poverty measure to determine aid for high-need students, based on family income and the number of English language students. It allows local education agencies to set aside funds for expanding learning opportunities. The bill also establishes various funding programs for educational costs, including a stabilization fund for certain schools, funding for transporting students to non-public schools, a regionalization bonus for regionalized school districts, and state support for school resource officers. These programs will be funded according to a transition plan. The bill will take effect on July 1, 2023, and be applicable for the 2023-2024 fiscal year.

This bill, titled the Education Equity and Property Tax Relief Act, makes changes to the student success factor calculation for foundation aid in education. It includes English language proficiency in determining the state's share of foundation aid eligibility for each school district. It also mandates that each community fund its school committee at the state share ratio by July 1, 2028. The bill will take effect on July 1, 2023, and be applicable for the 2023-2024 fiscal year.