SB2346 Summary

• Modifies school district state aid calculations by reducing the property tax deduction from sixty mills to thirty mills for agricultural, commercial, and centrally assessed property beginning after June 30, 2025.

• Changes school district general fund levy authority from seventy mills to thirty mills on agricultural, commercial, and centrally assessed property, with an additional ten-mill option for educational services effective for taxable years beginning after December 31, 2024.

• Adjusts baseline funding calculations for air force base tuition revenue exclusions, phasing in higher exclusion percentages from 2023-24 through 2026-27 school years until full exclusion is reached.

• Appropriates $300,000,000 from the strategic investment and improvements fund and $160,000,000 from the legacy earnings fund to the department of public instruction for integrated formula payments for the biennium July 1, 2023 through June 30, 2025.

• Requires school districts to file enrollment and financial reports on specified dates as a condition for receiving state aid payments.