HB 463 (BR 1303) - J. Fischer, A. Wuchner
AN ACT relating to school finance and making an appropriation therefor.
Amend KRS 157.360 to require that SEEK funding be provided for limited English proficient students and limit the funding for individual students to three academic years or less; define "equivalent property tax rate"; amend KRS 157.440 to permit local boards of education to levy an equivalent property tax rate up to the maximum of Tier 1 and for purposes of participation in Facilities Support Program of Kentucky (FSPK), subject to recall; equalize permissive tax revenue at 150% of the statewide average; allow adjustments in equalization at a percentage less than 150% of the statewide average if funds are not sufficient; allow districts currently not levying a permissive tax to do so subject to recall beginning with the 2007-2008 school year, unless the local board reduces its property taxes by rates resulting in equal calculated revenue; allow continued use of permissive tax revenue to calculate the equivalent tax rate for purpose of equalizing Tier 1 and FSPK, but disallow the use of permissive tax revenue to calculate the equivalent tax rate; permit a school district levying two permissive taxes at the effective date of this Act to use revenue in excess of that needed to equalize permissive tax for purposes of calculating an equivalent tax rate; appropriate $8,000,000 in 2007-2008 fiscal year to support equalization of permissive taxes; amend KRS 160.470 to conform.
Jan 27-introduced in House
Jan 30-to Appropriations and Revenue (H)