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S.F. No. 1237 - Debt Service Equalization Aid
 
Author: Senator Carla J. Nelson
 
Prepared By: Ann Marie Butler, Senate Counsel (651/296-5301)
 
Date: March 1, 2019



 

Section 1Debt service equalization revenue. Amend the calculation of a district’s second tier debt service equalization revenue to equal the greater of zero or the eligible debt service revenue, minus the amount raised by a levy of 15, instead of 26.24, percent time the adjusted net tax capacity of the district.

Effective Date. Makes the section effective for taxes payable for 2020 and later.

Section 2.  Equalized debt service levy. Striking obsolete fiscal years.

Effective Date. Makes the section effective for taxes payable for 2020 and later.

Section 3.  Referendum equalization levy. Amends the calculation of a district’s second tier referendum equalization levy to equal the district’s second tier referendum equalization revenue times the lesser of one or the ratio of the district’s referendum market value per resident pupil unit to $650,000, instead of $510,000.

Effective Date. Makes the section effective for taxes payable in fiscal year 2020 and later.

Section 4.  Appropriations. Appropriates blank amounts in fiscal year 2020 and 2021 for debt service equalization aid and general education aid.

AMB/syl

 
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