SB 1075 Summary

• Establishes a new state student funding formula for school districts that elect to use it and for charter schools, replacing the standard school finance formula with a simpler base support level plus state additional assistance structure.

• Allows eligible school districts (those without bond debt or with 4 or fewer remaining fiscal years of bond payments) to elect the new funding formula through governing board vote or voter election, with restrictions on combining this election with override or bond questions.

• Districts using the state student funding formula are prohibited from accessing other property tax-funded sources, school facilities board funding, and district additional assistance, creating a simplified funding model.

• Sets state additional assistance amounts at $2,025.29 per student (K-8 and preschool) and $2,360.44 per student (grades 9-12) for charter schools and eligible school districts under the new formula.

• Establishes different qualifying tax rates for districts using the state student funding formula ($2.0559 for high schools and $4.1119 for unified districts in tax year 2023) versus those using the standard formula.