NE LB597

Increases foundation aid for school fiscal year 2025-26 and beyond to the greater of $1,500 per formula student or 7.5% of the district's basic funding calculation

Reduces the portion of foundation aid counted as a formula resource from 100% to 60% starting in school fiscal year 2025-26, effectively increasing state aid to schools

Increases the local effort rate deduction from 5 cents to 10 cents below the maximum levy for calculating state aid, reducing the assumed local contribution

Lowers the state aid valuation percentage for agricultural and horticultural land from 72% to 65% of actual value starting in school fiscal year 2025-26, reducing property tax burden on farmland for school funding calculations

Moves the state aid certification deadline from March 1 to June 15, 2025, and voids any certifications made prior to the act's effective date; includes an emergency clause for immediate effect upon passage