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S.F. No. 490 - Debt Service Equalization Increase
 
Author: Senator Kevin L. Dahle
 
Prepared By: Bjorn E. Arneson, Senate Analyst (651/296-3812)
 
Date: February 13, 2015



 

Section 1. Debt service equalization revenue. Provides that any portion of a district’s eligible debt service revenue that exceeds ten percent of the district’s adjusted net tax capacity (ANTC) is eligible for equalization.  Eliminates the second tier equalization.

EFFECTIVE DATE:  Makes this section effective for revenue in fiscal year 2017, taxes payable 2016.

Section 2. Equalized debt service levy. Sets the equalizing factor at 125 percent of the state average adjusted net tax capacity per adjusted pupil unit in the year preceding the year the levy is certified.  Strikes language no longer needed with the elimination of the second tier equalization.

EFFECTIVE DATE:  Makes this section effective for revenue in fiscal year 2017, taxes payable 2016.

Section 3. Debt service equalization aid. Strikes language no longer needed with the elimination of second tier equalization.

EFFECTIVE DATE:  Makes this section effective for revenue in fiscal year 2017, taxes payable 2016.

 
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