Bill > HB277

This bill modifies the rules for public school capital outlay funding in New Mexico, specifically focusing on reducing the millage (tax rate) required for school districts with insufficient bonding capacity. The legislation adjusts the calculation of state funding for school capital projects by changing the percentage of state support based on a "phase two formula value" that considers a school district's taxable value, replacement cost, and other factors. Notably, the bill lowers the residential property tax rate threshold from ten dollars to eight dollars per thousand dollars of taxable value for districts seeking additional funding consideration. The bill allows the Public School Capital Outlay Council more flexibility in awarding grants, particularly for school districts with limited resources, small student populations, or high percentages of students eligible for free or reduced-price lunch. It maintains the goal of helping school districts meet statewide adequacy standards for school facilities while providing more nuanced financial support mechanisms. The changes are intended to help school districts with challenging financial circumstances access capital improvement funding more easily, recognizing the diverse economic conditions across different school districts in New Mexico.

Education

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=277&year=25