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H.587

SHORT FORM

Introduced by   Representatives Rusten of Halifax, Fallar of Tinmouth, Hube of Londonderry, Komline of Dorset, Livingston of Manchester, Nitka of Ludlow and Peterson of Williston

Referred to Committee on

Date:

Subject:  Taxation; education finance

Statement of purpose:  This bill proposes to eliminate the statewide education property taxes and the split grand list; maintain all other funding sources for the education fund; maintain school construction aid, prebates, and rebates; create a local education property tax; and adjust property tax rates for yield and education spending as follows:  if a town’s grand list yield per pupil is greater than the state median yield, the town would add ten cents to its tax rate and would add an additional ten cents to its tax rate if that district’s spending per pupil were 125 percent or more of the prior-year statewide average.  Revenue from the ten-cent tax increments would be paid into the education fund.  Education fund revenues would be distributed to towns below the yield median, with some reduction in aid to towns with excess spending.

AN ACT RELATING TO EDUCATION FINANCE REFORM

It is hereby enacted by the General Assembly of the State of Vermont:

(TEXT OMITTED IN SHORT-FORM BILLS)



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us