- Introduced -

SB 965 - This act would revise the state school aid formula. The new formula requires a minimum levy of $1.25 and equalizes only that amount with state aid, but to a higher guarantee level than current law. The guaranteed tax base per eligible pupil (GTB) is increased from $119,000 (for the next school year) to $329,500. A district may levy a higher tax rate and generate additional local revenue.

The act increases the state sales tax by one percent and increases corporate income tax to 6.75% and personal income tax to 6.5% for income above $10,000.

The one cent Proposition C sales tax revenues are redirected through the basic state school aid formula payment rather than as a per pupil grant and the Proposition C tax rate roll back is eliminated.

The deductions for all local revenues at 100%, including merchants and manufacturers replacement tax (M & M) revenues.

The bill has a referendum clause.

OTTO FAJEN