AK SB278

Amends AS 14.17.410(b) to add a new cap on required local contributions for city or borough school districts, limiting year-over-year increases to no more than 2% above the preceding fiscal year's contribution

Retains the existing cap that required local contributions may not exceed 45% of a district's basic need for the preceding fiscal year

Required local contribution is calculated as equivalent to a 2.65 mill tax levy on full and true value of taxable real and personal property in the district

Takes effect immediately and applies retroactively to July 1, 2025