Bill > LB498

This bill modifies provisions of the Tax Equity and Educational Opportunities Support Act, primarily focusing on foundation aid calculations and certification dates for school districts in Nebraska. For school fiscal years 2023-24 and 2024-25, foundation aid will be calculated as $1,500 multiplied by the number of formula students in each district. Starting in school fiscal year 2025-26, foundation aid will be calculated by increasing the previous year's per-student amount by the Consumer Price Index percentage, then multiplying that by the number of formula students. The bill also changes several key certification dates from June 15, 2023 to June 15, 2025, affecting when the state department must determine and certify state aid amounts, budget authority, and reserve percentages for school districts. Additionally, the bill adjusts how foundation aid is included as a formula resource, reducing it from 100% to 60% starting in the 2025-26 school fiscal year. These changes aim to provide more predictable and inflation-adjusted funding for school districts while updating the state's educational funding mechanisms. The bill includes an emergency clause, meaning it will take effect immediately upon passage and approval.