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HF1988 (Legislative Session 94 (2025-2026))

Referendum levy equalizing factors increased, and money appropriated.

Related bill: SF2244

AI Generated Summary

The bill proposes an increase in the referendum levy equalizing factors in Minnesota, which impacts education financing. Specifically, it amends Minnesota Statutes 2024, section 126C.17, subdivision 6, by increasing the equalization factors used in calculating a school district's referendum equalization levy.

The first tier equalizing factor is raised from $567,000 to $1,500,000, while the second tier equalizing factor is increased from $290,000 to $870,000. These changes mean that school districts with lower property wealth will receive greater state support for their referendum levies, potentially reducing the local tax burden on residents while ensuring adequate school funding.

The bill appropriates money to support these changes, aiming to provide more equitable education financing across Minnesota school districts.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 05, 2025HouseFloorActionIntroduction and first reading, referred toEducation Finance
March 05, 2025HouseFloorActionIntroduction and first reading, referred toEducation Finance

Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill relates to the amendment of the referendum levy equalization factors in Minnesota Statutes, affecting financial calculations for school districts.",
      "modified": [
        "Adjusts the referendum market value per resident pupil unit for the first and second tier referendum equalization levies."
      ]
    },
    "citation": "126C.17",
    "subdivision": "subdivision 6"
  }
]

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