AR HB1296

Amends Arkansas Code § 6-20-401(4) to clarify the definition of revenue receipts for school districts, which are receipts that do not increase school indebtedness or deplete school property.

Modifies the calculation of local tax proceeds included in revenue receipts by replacing the 40% formula with a declining percentage schedule beginning at 36% in the 2011-2012 school year.

Reduces the allowable percentage of local taxes collected by June 30 in the succeeding calendar year by 4% each subsequent school year, declining from 36% to 0% by the 2020-2021 school year.

Changes language in section (D) from "including, but not limited to" to "without limitation" when referencing state and federal funding sources counted as revenue receipts.