AR HB1435

Allows school districts whose uniform rate of tax revenues are sufficient to cover foundation funding without state aid to retain all collected uniform-rate-of-tax revenues beginning with the 2009-2010 school year.

Modifies the recoupment provision for school districts with net revenues exceeding 98% of the uniform rate of tax multiplied by property assessment to exclude districts that received state foundation funding aid from recoupment requirements.

Requires the Department of Education to collect annual data verifying timely receipt of revenues applicable to the required 98% of uniform rate of tax and allows adjustment of data if irregular county treasurer distributions cause collection rates to exceed 98%.

Clarifies that all uniform rate of tax revenues shall be distributed back to school districts rather than retained by the state, with distribution occurring from the school district where revenues were received or to other school districts under subsection (c).