SB 1080 Summary

• Establishes a new 0.6% transaction privilege and use tax effective July 1, 2021 through June 30, 2041, contingent on voter approval of a constitutional amendment.

• Allocates tax revenues as follows: 75% to classroom site fund for teacher compensation and school operations; 20% to universities for tuition subsidies and research initiatives; 5% to community college workforce development programs.

• Requires $86.28 million annually from new revenues for basic state aid to schools and $1.5 million for auditor general oversight of education spending.

• Repeals prior conflicting tax provisions (sections 42-5010.01, 42-5029.02, and 43-1072.02) and consolidates education funding provisions into new section 42-5032.03.

• Makes conforming amendments to school finance statutes governing charter schools, classroom site fund distribution, community college districts, and higher education research funding.