Bill > LB597

This bill modifies several provisions of Nebraska's Tax Equity and Educational Opportunities Support Act, primarily focusing on changes to school funding and property valuation calculations. The bill introduces significant modifications to foundation aid, starting with school fiscal year 2025-26, where school districts will receive the greater of either $1,500 multiplied by their number of formula students or 7.5% of their basic funding. It adjusts the local effort rate calculation, reducing the levy by ten cents for aid certification purposes and modifying how adjusted valuations are determined. The bill also changes how agricultural and horticultural land is valued for state aid calculations, reducing the valuation percentage from 72% to 65% beginning in school fiscal year 2025-26. Additionally, the bill shifts the certification dates for state aid, budget authority, and reserve percentages from June 15, 2023, to June 15, 2025, and updates various related provisions to ensure consistency with these changes. The emergency clause means the act will take effect immediately upon passage, allowing for quick implementation of the new school funding and valuation methodologies.