OH HB504

Amends sections 3318.011 and 3318.36 of the Revised Code to modify how school district equity rankings are calculated for classroom facilities assistance programs.

Creates a new category called "tangible personal property phase-out impacted districts" (districts where tangible personal property made up 18% or more of total taxable value in tax year 2005) and establishes alternative calculation methods for these districts' average taxable value, excluding most tangible personal property.

For tangible personal property phase-out impacted districts, establishes that their priority for state assistance and portion of basic project costs shall be determined by the least favorable of three ranking options: their original percentile ranking, current percentile ranking, or percentile ranking under an alternate equity list.

Requires the Department of Education to create an alternate equity list for fiscal year 2012 (within 30 days) to recalculate school district percentile rankings using the revised definition of average taxable value, for use in funding projects for fiscal year 2013.

Declares the act an emergency measure to prevent delays in classroom construction projects for districts affected by the phase-out of tangible personal property taxation, with immediate effect.