Bill > H3523

This bill proposes to increase the rate of taxable income on interest and dividends, with the additional revenue being used to further regulate school funding. The key provisions include: 1. Increasing the tax rate on interest and dividends from 5.95% to 12.45%. 2. Modifying the definitions of "Assumed in-school special education enrollment" and "Assumed tuitioned-out special education enrollment" in the state's school funding formula. 3. Redefining "Foundation benefits" to include additional costs for employee health insurance and other benefits. 4. Requiring Commonwealth charter schools to agree with the Department of Elementary and Secondary Education on a target number of students, with funding adjustments based on actual enrollment. 5. Phasing out state reimbursements to district schools for students attending charter schools after the 2017-2018 school year. The overall goal of the bill is to generate additional revenue from taxes on investment income and use it to reform the state's school funding system, with a focus on special education costs and charter school financing.

Budget and Finance

https://malegislature.gov/Bills/190/H3523