AZ HB2001

Allows school districts that levy the qualifying tax rate and have no budget override to retain a portion of taxes that would otherwise go to the state general fund, if they receive less funding per student than adjoining districts with approved budget overrides.

The amount a school district may retain equals the average per-pupil funding from adjoining districts' budget overrides multiplied by the district's student count, or the amount otherwise transmitted to the state, whichever is less.

School districts retaining additional funds under this provision may increase their budget limits by the amount they are entitled to receive.

The remainder of levied amounts after retention must still be transmitted to the state treasurer for the state general fund.

Amends Arizona Revised Statutes section 15-992 regarding school district property tax levies and equalization assistance.