Nebraska LB597 amends the Tax Equity and Educational Opportunities Support Act, modifying foundation aid, local effort rate yield, adjusted.
Nebraska LB597 amends the Tax Equity and Educational Opportunities Support Act by changing provisions related to foundation aid, local effort rate yield, adjusted valuations of property, and certification dates. It modifies the calculation of state aid, adjusting the local effort rate and the percentage of actual value used for agricultural and horticultural land. The bill also updates the certification dates for adjusted valuations and state aid, and it repeals certain original sections. The changes are set to take effect from school fiscal year 2025-26 and each school fiscal year thereafter.
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