SF 2552 Summary

• Changes first tier debt service equalization revenue calculation from "greater" to "lesser" of zero or eligible debt service revenue minus the amount raised by a levy of 15.74 or ten percent of adjusted net tax capacity.

• Modifies second tier debt service equalization revenue calculation to reference the district's first tier debt service equalization revenue instead of a fixed 26.24 percent levy amount.

• Amends equalized debt service levy provisions by removing language related to specific ratio calculations and replacing references to statutory dollar amounts and percentages.

• Effective for revenue in fiscal year 2025 and later.

• Appropriates unspecified amount from general fund to Department of Education in fiscal year 2025 for additional debt service equalization aid required under the act.